Sui Network’s SUI Token Plummets 4.4% After its Recent Bull Run

• Sui’s price showed significant dips in the last 24 hours as per CMC data. 
• The token’s daily trading volume increased by 4.94% in the past day.

The crypto market’s attempt to wriggle out of the bearish grasp has not yet succeeded as prices have shown significant dips. While leading cryptocurrencies struggle to show 24-hour gains, other altcoins have also taken downward movements. Notably, the altcoin SUI after significant price increases has dipped by 6% in the last 24 hours. 

The Sui Network’s native token witnessed significant price increases in September despite bearish market conditions. However, at the onset of October Sui’s price rally failed to maintain its positive momentum. The token, in the last 24 hours, as aforementioned recorded a 4.43% price dip. 

In the Asian afternoon hours of October 3, SUI traded at $1.91. However, following this, the altcoin witnessed a sharp decline in prices and slid to a support level of $1.59. In the last few hours, it has begun recovering and is currently trading at $1.7 levels. At the time of writing, SUI was trading at $1.78 as per CMC data. 

Zooming out, over the past week, owing to Sui’s recent price dip, it shows a 2.50% increase as opposed to previous bullish performance records. On the other hand, the token’s monthly price performance (123.11% increase) continues to depict its bullish rally. 

What to Expect for SUI’s Price in the Coming Days? 

In the past few days, the altcoin had leaned towards an overbought situation with its RSI hitting a high of 84. However, after the recent price dip, Sui witnessed a decline in buying pressures. The token’s RSI currently stands at 67.29 indicating a neutral market situation. 

 Meanwhile, Sui’s short-term 9-day MA stands above the long-term 21-day MA highlighting the overall bullish trend as per TradingView reports. If SUI manages to revert back to its earlier bullish rally, then it can be expected to face resistance at $1.9900 and $2.1139. 

On the other hand, other leading cryptocurrencies such as Bitcoin and Ethereum are struggling to retrace back to positive momentum. 

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