SUI Faces Downward Trend: Are Previous Lows on the Horizon Again?

The cryptocurrency SUI has experienced a decline of 3.91% in the last 24 hours, hitting a low of $1.79 from a high of $1.96. As bearish sentiments persist in the market, analysts are closely monitoring potential further price drops.

Key Takeaways

SUI has seen a 3.91% decrease in value over the past day.
The token's price fell from $1.96 to a low of $1.79.
Current trading positions are influenced by bearish market conditions, with a market cap of $6.79 billion.
Technical indicators show bearish patterns and suggest a possible continued downtrend in price.
The asset is currently in a neutral zone, with no clear advantage for bulls or bears.

SUI Faces Downward Trend: Are Previous Lows on the Horizon Again?

SUI Price Movement Overview

SUI has recently recorded a decline of 3.91% in value within a 24-hour period. Earlier today, the asset achieved a high of $1.96, but a bearish market trend has caused it to drop to a low of $1.79. If bearish market momentum continues to grow, we could see even steeper losses.

According to data from CoinMarketCap, the active selling pressure has brought the SUI price down to the $1.80 zone, with its market capitalization at approximately $6.79 billion. Additionally, the asset's daily trading volume has decreased by 32.87%, likely nearing the $1.07 billion mark.

Technical Analysis: Downside Pressure on SUI

The 4-hour chart for the SUI/USDT trading pair indicates a bearish trend that may suggest a sustained downtrend. The appearance of several red candles points towards a potential decrease in price toward the $1.70 support level. If the price continues to falter, we may see the formation of a death cross, which is often a bearish signal. Conversely, for SUI to escape this downtrend, it will need to convincingly break through the $1.90 resistance and ultimately rise above the $2 mark.

SUI chart (Source: TradingView)

The current MACD line is positioned below the signal line, which indicates a pessimistic outlook. This suggests that the current price strength is weaker than the longer-term trend, cautioning traders as the gap between the lines widens. Additionally, the CMF value stands at a slight -0.07, pointing to a minor outflux of capital from the asset. However, this is not indicative of aggressive selling but rather reflects weak momentum without a clear downtrend.

Furthermore, the daily Relative Strength Index (RSI) sits at 51.49, placing SUI in a neutral zone, where neither bulls nor bears dominate. This level typically indicates a consolidation phase or a temporary pause in price action. The BBP reading of -0.0747 is also nearing zero, suggesting mild bearish sentiment prevailing in the market. The momentum appears weak and hints at a stage of sideways movement or consolidation, indicating that the price direction has yet to be clearly defined.

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