Will SUI’s Recovery Face Tough Resistance Ahead?

• SUI has lost over 7% and is currently trading around $2.92.  
• The asset has seen a 24-hour liquidation of $5.35 million.

Struggling to rebound from the bear trap, the crypto market remains under pressure, with assets deep in the red. Notably, the Fear and Greed Index holds at 35, reflecting widespread fear. The altcoin SUI has plunged by over 7.58%.

SUI has undergone a sharp price drop, falling from its all-time high of $5.35, formed a month ago. The altcoin still faces potential downturns after multiple recovery attempts.  

The bulls are lagging behind the required strength, which may extend the consolidation. However, analysts are expecting a breakout that may push the prices higher. 

In the early hours, SUI traded on the upside at $3.37, and eventually, the bears pulled back the price toward the $2.92 mark. At the time of writing, SUI trades at $2.92 with its daily trading volume reaching $1.47 billion. Besides, the altcoin has witnessed a 24-hour liquidation of $5.35 million. 

Over the last seven days, SUI has lost over 27.81%. This plunge has pushed the altcoin toward the $2.65 level from $3.96. The asset continues to trade on the downside. 

Will SUI Extend its Losses?

SUI’s trading activity within four hours reports the bearish momentum. Assuming the ongoing trajectory remains unchanged, the price could plummet toward $2.77. If the selling pressure remains dominant, SUI risks falling to a low of around the $2.30 mark or below. 

For the bearish scenario to be overturned, SUI should reclaim the $3.46 range.  Should the uptrend gain enough strength, a potential recovery might kickstart and allow the altcoin to aim for $4. This would wipe out the recent losses and propel it to more upside correction. 

The Moving Average Convergence Divergence (MACD) line and signal line of SUI are located beneath the zero line. This crossover suggests a strong bear hold and sellers are in control. Traders consider this as a potential short opportunity or wait for a trend reversal signal. 

Moreover, the Chaikin Money Flow (CMF) indicator, assessing the capital flow, is found at -0.09, which signals a negative flow with mild selling pressure within the market. In the meantime, the daily trading volume of SUI has increased by over 9.52%. 

The altcoin’s daily relative strength index (RSI) at 31.67 indicates that the asset is near oversold territory. The 24-hour trading window of SUI exhibits the short-term 9-day moving average below the long-term 21-day moving average.

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 

Poland Cancels Bitcoin Reserve Proposal Despite President Mentzen’s Promise