Bitcoin displayed acute strength and reached highs above $66,000. This move made the market participants hopeful of the next price action, including the other altcoins. However, despite the sluggish BTC price action, the SUI price made huge rounds as it remained elevated. It appears that the liquidity flow favoured the crypto, which reached beyond a billion. Although the price trades above the crucial support, the pullback may raise some concerns over the next price action.
Usually, after a steep upswing, the bulls tend to face some exhaustion, which causes some pullback in the prices. However, in this case, the technicals seem to have turned bearish. One of the popular analysts, ALI, shared a chart indicating a huge sell signal flashing for the SUI price rally, which had flipped to bullish in August. Does this mean that the bears may soon conquer the rally or the bulls will revamp a strong ascending trend after a brief consolidation?
A TD sequential indicator is used to analyse when a price reversal could occur. As per the data shared by the analyst, the indicator flashed a sell signal after the price marked new highs. However, he does not confirm the start of a fresh bearish action but suggests the market participants to remain vigilant of the ongoing price action.
“ I’m not saying go and short SUI. I’m just saying, be careful!,
The TD Sequential has been spot on in predicting SUI trend on the weekly chart, and it’s now flashing a sell signal,”
What’s next for the SUI price rally?
The short-term price action remains bullish as the SUI price rally is holding finely above the average bands of the rising parallel channel. Besides, the stochastic RSI has reached below the lower threshold, which suggests a potential rebound could be fast approaching. However, if it loses the average range, then a price drain may drag the levels close to $2. Therefore, the SUI price is expected to keep up the bullish trend and eventually form a new ATH above $2.45 very soon.
Source: https://coinpedia.org/price-analysis/is-the-sui-price-losing-momentum-or-is-it-on-the-right-track-decoding-the-truth/