- SUI is currently hovering around $2.97.
- Daily trading volume has jumped by 73%.
- The SUI market has recorded $13.39 million in liquidations.
The crypto market opened the day trading on a bearish note, with the market cap value sinking by over 4.43%, reaching $3.24 trillion. The current sentiment is neutral in the market, as the Fear and Greed Index value holds at 54. Major assets have entered the red trading zone.
Among the altcoins, SUI has registered a solid loss of over 10.83% in the last 24 hours. The asset’s daily high was marked at around the $3.37 range. The bearish shift, with the potent bears in command, has driven the price toward a low of $2.94.
As of writing, SUI was trading in the $2.97 range, while its market cap was $10.09 billion. The volume has increased by more than 73.30% during the daily trading, reaching $1.61 billion. The market for SUI has had a 24-hour liquidation of $13.39 million, according to Coinglass data.
Zooming in on the monthly SUI price chart, it has recorded a loss of over 26.13%. The asset’s monthly high and low price ranges were marked at $4.16 and $2.89, respectively.
Is SUI Stuck in a Slump?
SUI’s active market sentiment has shifted to bearish as the technical indicator, the Moving Average Convergence Divergence (MACD) line and the signal line have crossed below the zero line. This crossover indicates a strong negative momentum. Besides, the Chaikin Money Flow (CMF) indicator of the asset is found at -0.13, suggesting that the money is flowing out of the asset, with moderate selling pressure in the market.
SUI chart (Source: TradingView)
The recent price action of SUI reveals a bearish encounter, with the potential to push the price toward a support range at $2.89. Assuming the asset further breaks down, the price could likely retrace below the $2.80 mark. This might invite the death cross to unfold, strengthening the downward price movement.
Contrarily, if SUI’s downtrend reverses, the price might climb and test the nearby resistance at the $3.07 level. Further correction on the upside could trigger the golden cross to take place, and the bulls may bring in a retest of the crucial resistance at the range of $3.15. This marks a break-out or break-down zone.
SUI chart (Source: TradingView)
Moreover, SUI’s Bull Bear Power (BBP) value, positioned at -0.4684, implies a bearish momentum in the market, and the price may continue to face downward pressure. The daily Relative Strength Index (RSI) sitting at 25.95 signals that the asset is deep in oversold territory.
