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- 1 SUI crypto witnessed a double top pattern and signifies bearishness.
- 2 Sellers looked aggressive and persisted in adding short positions.
The Sui Network is riding on a bearish track and may extend the down move toward the $1 mark ahead. The SUI crypto has dragged more than 25% this month and is directing underperformance for the past weeks.
Following the market correction, the SUI crypto persisted in forming the lower low swings and is trading in the bearish region.
At press time, the Sui Network (SUI) price traded at $1.10 with an intraday gain of 1.01%, witnessing a nominal up move in the intraday session. It has a monthly return ratio of -34.28% and -17.17% yearly.
The pair of SUI/BTC is at 0.0000172 BTC, and the market cap is $583.23 Million. Analysts are bearish and suggest that the Sui Network may deliver bearish waves and will continue to underperform in the following sessions.
SUI Price Action Revealing Selling Pressure
For weeks, the SUI crypto depicted a follow-on decline and slipped below the key moving averages. The trend is bearish and the price action displays an aggressive selloff in the past few sessions.
The trading volume surged over 120.15% to $317.82 Million. Investors are paying attention and putting efforts to catch the 200 day EMA mark.
Price Volatility & Weighted Sentiments Overview
The price volatility remained lower and the token revealed underperformance over the past few trading sessions. Meanwhile, the selloff has eased, and buyers are trying to retain the 200 day EMA mark.
Meanwhile, the weighted sentiment data looked neutral and the value stayed close to the midline around 0.01. The overall trend is bearish and the token may stretch the downmove and will retest the low mark of $1.0 soon.
What Do Technical Indicators Suggest?
Per the analysis of technical indicators, 14 indicators have given a sell rating, 10 have given a neutral call, and only 2 indicators have given a buy call. Overall technicals are favouring the downside and prefer the bearish trend.
The momentum indicator, RSI shows a negative divergence and the curve is still in the oversold region. A negative crossover was noted, suggesting further downside toward $0.9700.
Per the Fibonacci retracement levels, the SUI price is hovering below the 23.6% zone, and the token is close to the lower bollinger band.
Conclusion
The Sui Network (SUI) price traded in the downtrend and has underperformed for the past few weeks. Moreover, the sellers have persisted in adding short positions and are eyeing to break the $1 mark soon.
Technical Levels
Support Levels: $1 and $0.95
Resistance Levels: $1.20 and $1.30
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
