- SUI is currently hovering near the $1.80 mark.
- Its 24-hour trading volume has dropped by 32%.
With a 2.02% plunge, the global crypto market opened a new trading day, and the majority of the digital assets have charted in red. The broader market sentiment is neutral, as the Fear and Greed Index value holds at 43. As the bears are in control, the popular assets like BTC and ETH are currently hovering on the downside.
Meanwhile, SUI has registered a loss of 3.91% in value over the last 24 hours. In the early hours, the asset traded at a high range of $1.96, and with the bearish encounter in the market, the price has fallen to a low level of $1.79. If the bears gained more traction, the price would see intensified losses.
According to the CoinMarketCap data, the active bears have pulled the SUI price back, trading at the $1.80 zone, with its market cap settled at $6.79 billion. In addition, the daily trading volume of the asset has dropped by 32.87%, likely reaching the $1.07 billion mark.
Technical Chart Points to Growing Downside Pressure on SUI
On the 4-hour chart, the SUI/USDT pair shows a bearish trading pattern, which might signal a continuous downtrend. Several red candles have formed, and the price could slip to the $1.70 support range. Further loss will trigger the emergence of the death cross. On the other hand, unless SUI convincingly climbs and breaks the $1.90 resistance and eventually goes above the $2 mark, the broader downtrend could continue.
SUI’s MACD line is below the signal line, suggesting a bearish outlook. The current price strength is weaker than the longer-term trend, and this is a sign to stay cautious, as the gap between the lines is widening. Besides, the CMF value is slightly negative, at -0.07, indicating a mild capital outflow from the asset. The move is not strong enough for an aggressive distribution, reflecting weak momentum, rather than a clear downtrend.
Moreover, the daily RSI of 51.49 shows that the asset is in a neutral zone, neither bulls nor bears in clear control. Notably, this level brings in consolidation or a pause in price action. SUI’s BBP reading of -0.0747 is close to zero, which implies slight bearish dominance in the market. The momentum is weak rather than strongly bearish. It aligns with sideways or consolidation phases, where price direction is not established yet.
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Source: https://thenewscrypto.com/downward-drift-in-sui-could-former-lows-make-a-comeback/
