Sui Coin (SUI), which recently experienced a brief upward trend in the cryptocurrency market, encountered a significant drop over the past weekend. This decline resulted in approximately a 10% loss in value for SUI within just 48 hours.
Sui Coin’s Price Hovers Near Critical Breakdown Point
In the last 24 hours, Sui Coin has seen a decrease of 7.26%, drawing attention with a trading volume of $1.29 billion. While the trading volume increased by 48.18%, the altcoin experienced a 12.3% correction in price over the past week. Nevertheless, a year-to-date return of 10.86% is viewed as a potential recovery signal for SUI.
Technical indicators present a mixed picture for SUI. The Moving Average Convergence Divergence (MACD) indicator shows a rising red histogram on the daily chart, suggesting increased selling pressure.
However, the 50-day Exponential Moving Average (EMA) serves as a strong support level for SUI. Additionally, the upward trend of the 200-day EMA indicates that the market remains volatile.
Can SUI Coin Reach the $5 Mark This Week?
If a recovery occurs for Sui Coin, the price is expected to first test the resistance level at $4.75. If SUI can maintain above this level, regaining the critical $5 mark may be possible.
On the flip side, if the downward trend continues, SUI’s likelihood of breaking the support trend line in the rising channel formation will increase. In this scenario, the price could drop to $4 initially, and if bulls lose support, it may fall further to the $3.8 region.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.
