- After a steep 14% drop, SUI is hovering around $1.84.
- Daily trading activity has soared by over 246%.
Donald Trump’s global tariffs has hit the crypto market, triggering a sharp decline of over 8.79%. Major assets have plunged into unforeseen territory — Bitcoin has slipped toward $77.1K, while Ethereum is trading around $1.4K. Particularly, SUI has dropped by over 14.30%.
SUI’s downside correction might step into critical support zones. The asset opened the day trading within the $2.15 range and the bulls has pushed the price down toward $1.74.
At the time of writing, SUI trades at around $1.84 with its daily trading volume reaching $1.5 billion. Moreover, SUI has witnessed a 24-hour liquidation of $17.27 million, as per Coinglass data.
Can SUI Shake Off the Bears?
The steady plunge of SUI could trigger the price to retest the support zones between $1.78 and $1.49. If the asset continues to follow the bearish path, the price might drop to unforeseen level, delaying a potential recovery.
If the asset ignites an upside correction, the price might immediately climb to the $1.88 resistance. If SUI could hold this level, the next resistance can be found at around $2 and the extended gains may confirm the uptrend.
Notably, SUI’s Moving Average Convergence Divergence (MACD) line and signal line have crossed below the zero line. This hints at a steady bearish momentum in the market and the crossover might push the price even lower.
The Chaikin Money Flow (CMF) indicator at -0.25 signals that the money is flowing out of the asset. If this continues in the negative zone, further downside is expected. Meanwhile, the daily trading volume of SUI has surged by 246%.
Besides, the daily relative strength index (RSI) settled at 32.04 indicates that the asset is approaching the oversold zone. SUI’s Bull Bear Power value at -0.4161 suggests the dominance of bears in the market.
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.
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