The bears in the crypto market have strongly asserted control, where the tokens are struggling to escape the red trap. With intense fear hanging around, the assets like Bitcoin (BTC) and Ethereum (ETH) are hovering at $66.1K and $1.9K. In parallel, the altcoin, SUI, has registered a 1.43% fall in the last 24 hours.
The asset has traded at $0.9217 in the early hours, and eventually, plummeted to the $0.8683 level. At the time of writing, SUI trades at around $0.8925, with the daily trading volume decreasing by 17.71%, reaching the $773.03 million range. As per Coinglass data, SUI has seen a 24-hour liquidation of $1.18 million.
With the four-hour trading chart being bearish, the SUI price might slip to its key support range at $0.88. If the downside pressure continues, the price action could test $0.87, making the recovery process harder. If the momentum reverses and SUI bulls appear, the price could rise toward the $0.90 resistance. With further climbing potential, the uptrend may gain traction, sending the price to a high above $0.91.
Warning Signs Emerge as SUI Technicals Shift Bearish
The Moving Average Convergence Divergence (MACD) and the signal lines of SUI have crossed below the zero line. This showcases the active bearish phase, with downward momentum gaining strength. This move likely reflects continued consolidation under bearish conditions.
Besides, the indicator that assesses the capital flow, the Chaikin Money Flow (CMF), is at -0.08, implying moderate selling pressure for SUI. The capital outflow is slightly outweighing the inflow. The negative value hints at distribution, and if it falls further, it confirms a stronger bearish pressure.
SUI’s daily Relative Strength Index (RSI) is found at 47.22 points to neutral to slightly bearish impulse, as it sits below the key 50 level. Significantly, selling pressure is stronger than buying pressure, but the ongoing momentum is not strong enough to confirm a clear downtrend.
In addition, the Bull Bear Power (BBP) reading of -0.0127 signals a very weak bearish force. With a close to zero value, the market is in a near-neutral state, where neither the bulls nor the bears has strong control. Notably, it reflects limited momentum and possible consolidation.
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