SUI has been facing challenges in maintaining its upward trend, struggling to find a solid support level amidst the broader crypto market volatility. Despite a recent recovery from the $0.53 support level, the altcoin has failed to break above the $1 psychological mark, indicating potential bearish pressure.
Technical Analysis
The daily chart reveals a bearish influence on SUI’s price, with a decline of 74% from its $2 peak. While the altcoin has rebounded from the $0.53 support level, it has struggled to surpass the 38.20% Fibonacci level at $1.12, resulting in a breakdown below the 23.60% level at $0.89.
The MACD and signal line have given a bearish crossover, indicating potential downside pressure. However, the 50-day moving average has been acting as a dynamic support, preventing a more significant price decline.
A closer look at the 4-hour chart reveals a double top pattern, suggesting a potential reversal. While the altcoin has recently experienced a minor recovery, the 4-hour RSI line shows a bearish hidden divergence, indicating underlying weakness.
Potential Support and Resistance Levels
If SUI breaks below the $0.79 neckline of the double top pattern, the next support levels are at $0.72 and $0.48, with minor support near the $0.60 and $0.50 psychological levels.
On the upside, the 23.60% and 38.20% Fibonacci levels at $0.9395 and $1 can act as immediate resistances.
SUI is currently facing challenges in maintaining its bullish momentum. The altcoin’s failure to break above the $1 psychological mark and the bearish signals from technical indicators suggest potential downside pressure. Investors should closely monitor SUI’s price action and technical analysis to assess the likelihood of a further decline.
Also Read: Institutional Investors Shunning Ether ETFs, 2.5 Billion in Outflows from Grayscale Trust – JPMorgan
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
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