Sui crypto price declined 4.59% in intraday and might decline more by the end of the session. The crypto price suffered rejection from the upper boundary of the declining parallel channel pattern and declined to break below the recent support level.
Moreover, the bulls attempted to surge the price higher after a consolidation followed by a breakout. However, the SUI crypto price suffered rejection from the 50-day EMA and formed a bearish engulfing pattern. Thereafter, the bears dominated the trend and dragged the price below the recent support level.
The volume analysis shows that the SUI price has received a trading volume of $88.6 Million in the past 24 hours which is 81.12% more than the last day. The crypto has a market cap of $341.564 Million and ranks 89th in the market. The volume-to-market-cap ratio is 25.51% indicating high volatility in the market.
Sui Price Made Breakdown of Recent Support
The Sui price currently trades at $0.397 with an intraday loss of 4.59%. The Sui crypto price trend seems bearish dominated in the short term as the price has made a breakdown of the recent support formed and has suffered rejection from the upper levels in the last session.
The SUI price may continue to drop in the coming session until it faces a strong support zone on the downside. The volume increase along with the price decline is supporting the continuation of the price decline.
Technical Indicators Show Bears Dominating The Trend.
At press time, the RSI Line and SMA line are showing a negative crossover indicating the bulls have lost control and bears are gaining. The RSI line is also below the mean line and is headed downwards indicating weakness over the chart.
The EMA analysis shows that the SUI price suffered rejection from the 50-day EMA and slipped below indicating the dominance of sellers at the upper levels. The crypto price still trades below the 200-day EMA indicating a bearish trend prevailed.
Conclusion
Sui is a crypto platform that is in a bearish trend in the short term. The price declined 4.59% and broke below the recent support level. The price faced rejection from the 50-day EMA and the upper boundary of the declining channel. The price is at $0.397 and may drop more. The volume-to-market-cap ratio is 25.51%, indicating high volatility. The price needs a strong support zone to stop the decline. The volume increase supports the bearish trend.
Technical Levels
- Support Levels: $0.393 and $0.362
- Resistance Levels: $0.426 and $0.484
