The SUI price has continued to decline towards the bottom of the chart.
SUI price long-term prediction: bearish
The cryptocurrency reversed upwards and reached a high of $2.23. However, SUI is now falling after being rejected at the $2.23 high and the 21-day SMA barrier. Today, the cryptocurrency has dropped to a low of $1.70 at the bottom of the chart.
According to price indications, the cryptocurrency is expected to continue its downward trend. On August 13, the daily chart showed a retraced candle body testing the 38.2% Fibonacci retracement line. This retracement suggests that SUI will fall to the 2.618 Fibonacci extension, or the $1.61 low. Meanwhile, the altcoin’s price is steadily dropping towards the projected level.
Technical indicators
SUI price indicator analysis
On the weekly chart, the moving average lines are sloping downwards. The 21-day SMA is below the 50-day SMA, indicating a downtrend. On the 4-hour chart, the moving average lines also slope downwards, confirming the downtrend.
What is the next move for SUI?
The 4-hour chart shows that the SUI price is declining. The cryptocurrency fell as low as $1.70 before recovering. The current upward movement is approaching the $1.80 resistance level. In other words, the price will most likely fall further. A break below the $1.70 support level will signal the continuation of the decline.
Conversely, the bullish trend will resume if buyers keep the price above the moving average lines and positive momentum continues.
Disclaimer. This analysis and forecast are the personal opinions of the author. The data provided is collected by the author and is not sponsored by any company or token developer. This is not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coinidol.com. Readers should do their research before investing in funds.