SUI cryptocurrency is experiencing a significant price drop, yet trading volume is increasing.
Current State of SUI
The SUI cryptocurrency opened trading at $4.13 but soon fell to $3.50. As of now, SUI trades at $3.58 with a daily trading volume of $1.65 billion. Over the last 24 hours, there has been a liquidation of $12.53 million. Over the past seven days, SUI has registered a gain of over 25.22%, reaching the $4.77 range.
SUI Forecast
The crossing of the MACD line and signal line below the zero line highlights ongoing bearish pressure in the market. The CMF indicator is at -0.18, suggesting outflows from the asset and strong selling pressure. The four-hour trading window shows a 'death cross,' and the price might test the support at the $3.48 level. Failure to sustain this level could lead to a slide toward the $3.30 mark, a significant support area.
Technical Analysis
In the daily frame, SUI's short-term 9-day MA is below the long-term 21-day MA. The daily RSI value of 22.77 suggests the asset is in the oversold zone.
If the downtrend ends, an upside rally in SUI price could be expected, aiming for the $4.19 level and potentially $5.
