The cryptocurrency market has witnessed a significant correction, with top altcoins struggling to hold their support levels. Amidst this market volatility, Sui (SUI), the 18th largest cryptocurrency, has also faced a decline.
SUI Price Dips Below $2
Over the past 24 hours, SUI has experienced a 1.45% drop, trading at $1.936 with a 24-hour trading volume of $805.29 million. The token’s 24-hour low of $1.82 indicates growing bearish pressure. However, SUI has shown positive momentum in the longer term, with a 5.42% increase over the past week and a 2.38% gain over the past month. Its impressive Year-to-Date (YTD) return of +147.86% has solidified its position as the 18th largest cryptocurrency with a market capitalization of $5.490 billion.
Technical Analysis: A Mixed Outlook
The Simple Moving Average (SMA) indicator on the SUI price chart suggests a sideways trend, with the $1.9750 level acting as a potential reversal point. However, the Moving Average Convergence Divergence (MACD) indicator displays a negative trend, indicating mixed price action in the near future.
Also Read: Sui Price Prediction – Could SUI Reach $5 After Breaking $1.85?
Short-Term Price Predictions
If a bullish trend reversal occurs, SUI could retest its resistance level of $1.9750. Sustaining this level could pave the way for a potential rally towards the upper resistance level of $2.40 in November.
Conversely, if bearish sentiment prevails, SUI may decline to its important support level of $1.60. A more severe bearish scenario could lead to a further drop towards the lower support level of $1.23.
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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