- SUI has plunged by over 13%, now trading at $3.58.
- The daily trading volume of SUI has surged by 172%.
A 6.11% pullback in the crypto market cap mirrored the drop in asset prices, which fell back to their established lows. Market volatility caused sharp price swings, with SUI suffering a loss of over 13.45% among altcoins.
The altcoin’s price broke and recovered slightly to retest on the upside, which managed to trade above the $4 mark. The bearish pressure of SUI erased the recent gains.
The altcoin opened the day trading at $4.13, before suddenly falling to the unforeseen $3.50. At press time, the altcoin trades at $3.58 with its daily trading volume reaching $1.65 billion. Besides, SUI has witnessed a 24-hour liquidation of $12.53 million.
While zooming out over the last seven days, SUI has registered a gain of over 25.22%. This pushed the altcoin toward the $4.77 range.
Will SUI’s Slide Persist?
As SUI’s Moving Average Convergence Divergence (MACD) line and signal line crossed below the zero line, it highlighted the ongoing bearish pressure in the market with selling pressure outweighing buying.
Besides, the Chaikin Money Flow (CMF) indicator is settled at -0.18, suggesting outflows from the asset and strong selling pressure. Meanwhile, the daily trading volume of SUI has increased by 172%.
The four-hour trading window of SUI exhibited the emerged death cross, and it might test the support at the $3.48 level. A failure to sustain this range could lead to a slide steeper toward the $3.30 mark, marking an essential support area for the altcoin.
With a possible end to the downtrend, the SUI price could ignite an upside rally, targeting $4.19. Assuming the altcoin advances beyond this level, it could potentially eye the $5 range. It likely signals a resurgence in the asset’s price movement.
Moreover, SUI’s daily frame showcases the short-term 9-day MA below the long-term 21-day MA. The daily relative strength index (RSI) value of 22.77 infers that the asset is in the oversold zone, suggesting a strong bear hold.
Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
Highlighted Crypto News
