SUI is trading at $0.9250, showing a 1.09% drop in the past day, according to CoinMarketCap data, on Friday, February 13. The trading volume has dropped by 17.64% to 523.19 million. The market capitalization has decreased by 1.01% to 3.55 billion, with selling pressure dominating the market.
Source: CoinMarketCap
Crypto analyst BitGuru highlighted in an X post that the SUI price remains in a downtrend. The price is moving from one consolidation zone to another at lower levels.
BitGuru stated that the price is ranging between $0.90 and $0.95, having recently dropped, with $0.87 acting as the critical support level that traders are closely watching.
If the price is able to hold at these levels, there is a high probability that the price will rise in the short term, with the price potentially rising to $1.10 or $1.17.
Source: X
Moreover, another analyst, Move Insider, also shared his technical projections, he mentioned a potential upside if the current structure remains intact. He noted that the range between $1.56 and $2.33 could be a potential target.
The momentum is slowly building up, but it is still limited. However, traders are watching out for any potential shift in volatility or direction.
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The Relative Strength Index (RSI) is currently at 29.80, which is close to the oversold zone. The RSI average is at 26.59, which is a sign that the momentum is still low and that buyers have not gained control over sellers.
The Moving Average Convergence Divergence (MACD) is currently at -0.0046. The MACD line is at -0.1623, and the signal line is at -0.1576. The MACD is a sign that sellers have gained control over buyers.
Source: TradingView
CoinGlass data shows a decline in derivatives volume by 14.97% to $712.79 million. The open interest has also declined by 2.72%, which is currently at $506.39 million. The OI-weighted funding is at 0.0040%, suggesting that traders’ sentiments are positive.
Source: CoinGlass
The total liquidation value over the last 24 hours is at $710.83K, with a value of $493.66K from longs and $217.17K from short positions.
Source: CoinGlass
SUI is still trading under a downward structure, and analysts say that the reaction to the price at $0.87 will define whether the token is able to stabilize or continue to fall further.
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