Are SUI Bears Plotting a Bigger Sell-off After a 15% Plunge?

• SUI tumbles over 15%, trading at $2.77.
• Daily trading volume skyrockets 167%.

A steep 5.07% pullback in the crypto market has triggered sharp declines across assets, dragging them back to their former lows. The Fear and Greed Index lingers at 29, signaling widespread fear. Volatility remains high, with altcoins like SUI experiencing deep losses, shedding over 15.09%.

Sui price has encountered downside correction in recent times. The asset is approaching critical support at $3. Despite the reddish chart, analysts suggest that the asset could see a potential surge. 

The asset opened the day trading at $3.34 and plunged into the unforeseen trading range at $2.72. At the time of writing, SUI trades at $2.77 with its daily trading volume reaching $1.97 billion. Besides, the asset has witnessed a 24-hour liquidation of $14.39 million. 

SUI has recorded back-to-back losses over the last thirty and seven days, noting the plunge of 33% and 10% respectively. This triggered the altcoin not to break its resistance and hindered the move forward.  

Is More Downside Ahead for SUI?

The recent recovery attempts of the SUI have failed and the downtrend continues. It could trigger the asset to retest the crucial support zones at around the $2.70 and $2.58 range. If these levels are breached, the altcoin could drop to unforeseen lows, delaying the recovery. 

Assuming the upward trajectory, forming a golden cross, SUI might immediately test the resistance at $2.88. If the altcoin secures this level, it could mount up toward the $3.06 range. Extended gains might push the asset to inch closer to the ATH of $5.35 hit two months ago.

SUI’s Moving Average Convergence Divergence (MACD) line and signal line have crossed below the zero line indicating a steady bearish trend within the market. This crossover weakens the momentum and might push for further downside in price action. 

The Chaikin Money Flow (CMF) indicator stationed at -0.34 suggests the capital is flowing out of the asset with strong selling pressure. This may reinforce the chances of further decline. Meanwhile, the daily trading volume of SUI has increased by 167%. 

Additionally, the Bull Bear Power value of SUI is found at -0.5965 signals that bears are in control of the market. Besides, the altcoin stays within the oversold territory with the daily relative strength index (RSI) positioned at 21.50.

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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