Potential 10% Price Drop for Sui (SUI) This Week Amid Bearish Sentiment

SUI sui

The price of SUI has risen by about 3% in the last 24 hours, reaching a trading volume of $267.202 million, which is up by 11.24%. Over the past month, it corrected by 15.30%, and in the last week, it saw a modest increase of 2.86%.

Currently trading at $1.0371, SUI has formed a symmetrical triangle pattern on the daily chart and is approaching its resistance trendline. With a market cap of $2.417 billion, investors are wondering if SUI can surpass the $2 mark by the end of Q2.

SUI Price Trends and Technical Indicators

In the first quarter of the year, SUI experienced a substantial surge, gaining 186.55% in value. However, after encountering resistance near $2.1850, the price underwent a correction of 51.60%.

TradingView: SUI/USDT

Subsequently, SUI traded within a narrow range between $1.0575 and $1.3950 for a period. Recently, the bulls struggled to maintain momentum, leading to a breakdown below a critical support level. Currently, the price of SUI is approaching a key resistance level, the outcome of which remains uncertain.

On the downside, the 50-day and 200-day Exponential Moving Average (EMA) on the daily chart are nearing a Death Cross, indicating a potential bearish trend ahead.

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Conversely, the Moving Average Convergence Divergence (MACD) shows a rising green histogram, signaling increasing buying pressure compared to selling pressure in the cryptocurrency market. The moving averages themselves are displaying a bullish curve, suggesting mixed sentiment surrounding SUI tokens in the crypto community.

SUI Price Forecast

If the market manages to push the SUI price above the resistance level of $1.0575, it would signal a resurgence in bullish momentum. This could pave the way for a potential test of the upper resistance level around $1.3950 in the weeks ahead.

However, a bearish scenario could lead to a decline in the altcoin’s price, potentially bringing it closer to its support trendline in the near term. Should the bulls fail to sustain the price at this level, the SUI token might face further downside pressure, potentially descending towards its critical support level of $0.7625 in the foreseeable future.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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