Is a Bullish Counterattack Coming?

• SUI’s price has fallen more than 6%, reaching $3.57.
• Daily trading volume has exploded by over 127%.

The tokens are waving red flags after a pullback in the crypto market. It has also triggered the overall market sentiment to enter into the neutral zone, with the Fear and Greed Index value lingering at 56. Among the assets, losing momentum, SUI, follows suit, facing losses and shedding over 6.17% in value. 

Sui has encountered a series of ups and downs in recent times, and to see a potential uptrend, mighty bulls should take control, defeating the bears. The asset opened the day trading at a high range of $3.89, and the bears dragged the price to a low trading level of $3.53.

At the time of writing, SUI trades at around the $3.57 zone, with a market cap of $12.62 billion. Meanwhile, the asset’s daily trading volume has skyrocketed by over 127%, reaching $1.42 billion. According to the Coinglass data, the market has observed a 24-hour liquidation of $5.53 million worth of SUI. 

Is SUI Poised for a Deeper Correction?

SUI’s Moving Average Convergence Divergence line and signal line have crossed below the zero line, which indicates a bearish crossover. This is considered a confirmation of a downtrend, and a recovery signal would require the MACD to climb back above the zero line. 

Additionally, the Chaikin Money Flow (CMF) indicator stationed at -0.27 suggests a noticeable selling pressure in the market. SUI’s capital is flowing out of the asset. With this weak momentum, it is seen as a bearish sign unless a potential reversal occurs. 

The Bull Bear Power (BBP) value of SUI is found at -0.2709, showing that the bears currently have control, with the price moving below. Besides, SUI exhibits downward pressure, but is not oversold yet, with the daily Relative Strength Index (RSI) reading positioned at 37.12.

The downtrend of SUI could trigger the price to retrace and retest the key support at around $3.51. If this level is breached, the asset could further drop to its former low of $3.45, which would delay recovery. Contrarily, with the asset turning bullish, SUI might immediately climb to the resistance at $3.63. Assuming the altcoin holds this range, it could move up toward the $3.69 mark.

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