The market-wide red light is not in the mood to lose voltage. As hours pass by, the bearish hold tightens, and the momentum of the crypto assets is weakening. The broader market sentiment is extreme fear, which brings caution across the tokens. Bitcoin (BTC) and Ethereum (ETH) are currently trading at $71.3K and $2.1K, respectively. Among the altcoins, SUI dives deep with 7.39% loss.
In the early hours, the asset was trading on the upside, at around $1.14 and later, with intense bearish pressure, the SUI price retraced to a bottom of $1.04. If the bears get fatter, the price action loses more traction and revisits former lows. SUI is trading at $1.04, with the trading volume soaring by 25.98%, reaching $1.18 billion. Besides, $2.32 million worth of SUI was liquidated in the market.
With the bearish momentum controlling the SUI market, the price could see losses, and it descends to find its key support at $0.94. The death cross might take place amid the strong downside correction, which may likely trigger the asset’s price to retest the $0.84 range or even lower.
Upon a reversal, the SUI price might push the bulls to take charge, aiming to climb to the nearest resistance at around $1.14. Assuming the upside pressure is showing increasing resilience, the golden cross could emerge, and gradually, the price movement may send the price above $1.24.
Weak Momentum Signals Appear on SUI’s Technical Chart
Both the Moving Average Convergence Divergence (MACD) line and signal line of SUI are settled below the zero line, implying a weak red momentum. Notably, as long as the lines stay below zero, the upside moves are limited. Moreover, the Chaikin Money Flow (CMF) indicator at 0.18 points toward the buying pressure in the SUI market. The capital is flowing into the asset, showing mild to moderate accumulation. This is not an extremely strong signal, thus it leans bullish.
SUI’s Bull Bear Power (BBP) value found at -0.0933 signals bearish dominance, with the price trading below key averages. At the same time, as the ongoing pressure is not extreme, there is weak upside momentum, and any brief rebounds may face resistance unless buying strength improves. Furthermore, the daily Relative Strength Index reading of 31.62 displays that the asset is near the oversold territory. This significantly reflects strong selling pressure and weak momentum for SUI.
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