The persistent bearish encounter has brought in a loss of over 2% within the last 24 hours in the broader crypto market cap. The majority of the tokens have been charted in red, losing momentum, falling to former supports, including Bitcoin (BTC) and Ethereum (ETH). Following suit, SUI registers a drop of over 3.68%.
The uptrend is fading; only a sustained bullish pressure could take the price action onto the track up, fixing into positive territory. SUI kicked off the day trading at a high of $3.62. The potential bearish turnaround has pushed the price back toward $3.44. The CMC data reveals that SUI is currently trading at the $3.46 mark.
With the asset’s market cap reaching $12.55 billion, the daily trading volume is up by over 10.39%, touching the $1.17 billion range. In addition, the market has witnessed a 24-hour liquidation event of $4.00 million worth of SUI, as reported by the Coinglass data.
If the downside correction of the asset gains more momentum, the bears might push the price to the support at the $3.39 level. Further breakdown of SUI could drive the price down to $3.32. Assuming the asset turns bullish, the price might climb and test the $3.53 resistance. A breakout of SUI from this level could initiate a move toward its recent highs at around $3.60 range or even higher.
When SUI’s Moving Average Convergence Divergence (MACD) line is below the zero line and the signal line is above it, it shows a mixed signal in the market. The bearish pressure exists, but a short-term rebound might be formed. Besides, the Chaikin Money Flow (CMF) indicator, found at -0.19, gives you a hint that the selling pressure is present in the market. Also, the money is flowing out of the asset.
Moreover, the Bull Bear Power (BBP) reading of -0.0979 signals that the bears have a slight dominance in the market. The price is leaning toward the bearish side, and the value is close to zero, so the shift is not very strong. SUI’s daily Relative Strength Index (RSI) at 40.29 implies weak bullish momentum. Notably, the asset may move to the oversold zone. Though a potential rebound could occur if buying pressure increases.
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