The cryptocurrency SUI has shown a sharp decline below significant support levels, raising concerns among traders about potential price fluctuations.
Current Market Situation
The recent drop in SUI's price is linked to a rejection near $3.35, triggering significant sell-offs. As a result, the price fell to $2.99, erasing gains made in early May. The move below $3.11 confirmed the breakdown of key structural support, leading to increased bearish control on the charts.
Momentum and Volatility Indicators
Short-term charts indicate that the price range of $3.10–$3.15, which previously held as support, has been breached. SUI is now trading below its 20, 50, and 100 EMAs, with the 200 EMA near $3.39 acting as resistance. The expansion of Bollinger Bands indicates rising volatility, and attempts to regain $3.02 have remained unsuccessful.
Outlook and Forecasts
The current bearish trend will persist unless the $3.11 level is reclaimed. If SUI drops below $2.57, traders may focus on the $2.40 level, where previous accumulation led to a price rebound.
The SUI market remains under bearish pressure, with the potential for further declines if key levels are not reclaimed.
