Technical analysis of cryptocurrency SUI shows signs of a potential recovery. Focus is on indicators and key levels on charts.
TD Sequential Indicator Gives Buy Signal
The TD Sequential indicator on the 12-hour chart of SUI price has signaled a buy, suggesting a potential price bounce. Analyst Ali Martinez notes that this indicator has flipped the trend from down to up during a prolonged downturn. Historically, TD Sequential buy signals have often led to potential upward price waves. This comes at a time when SUI is under significant downward pressure, losing ground from its recent peaks. The sell-off is due to broader crypto market corrections and macroeconomic uncertainty.
SUI Gains 6% in 24 Hours
Sui price saw a 1.9% surge in the last 24 hours, reaching about $4.22. Market sentiment remains bullish, with technical signals indicating strong buying interest after a 36% jump in trading volume. This price uptick is linked to growing interest in layer one blockchain networks, known for high-speed, low-fee transactions. Recent data reveals Sui has surpassed the $8 billion transaction mark, highlighting its growing popularity.
Market Outlook and Technical Analysis for SUI Price
Looking at Sui's market structure, promising recovery signs are evident. The 12-hour candlestick chart shows a steady downtrend to the TD Sequential buy signal. Following this, the price found support at $3.60 and rebounded. The 4-hour Sui chart indicates a clear downtrend where the price has failed to break above important moving averages. All three SMAs (50, 100, 200) are above the price, supporting a bearish sentiment. Recently, the price attempted to bounce off the 50 SMA but faced resistance. The Average Directional Index (ADX) is currently at 24.67, showing moderate trend strength. Recent lows are supported at around $3.60. However, a breakdown below this level could accelerate the downtrend.
The technical outlook indicates weakening of the downtrend, but solid growth for SUI requires breaking through key resistance levels. Overall sentiment remains bearish until confirmed trend changes arise.
