SUI is showing signs of stability as buyers continue to hold a key level on the chart. Current price action suggests that selling pressure is easing, allowing the short-term outlook to remain steady. The next momentum move will likely emerge based on the strength of demand.
At the time of writing, SUI is trading at $1.37, posting a 24-hour trading volume of $710.01 million and a market capitalization of $5.25 billion. The token has recorded a 1.55% price drop over the last 24 hours, signaling early signs of a short-term balance between buyers and sellers.
SUI Eyes Breakout From Demand
Popular crypto analyst BitGuru highlighted that SUI is presently located at an important demand area between $1.38 and $1.40. The analyst pointed out that there was a liquidity sweep underneath this region, but it was immediately followed by buying activity that propelled the price upwards. This indicates that there is buying support in this region.
BitGuru further added that if SUI can break out and maintain the range of $1.44-$1.46, we could see a relief rally into the higher supply levels. But failure to defend the level of the current $1.38 support could see SUI experience more selling pressure.
SUI Crypto Eyes Major Reversal
In covering the outlook for SUI, another analyst, GainMuse, also noted that a constructive reversal formation may be taking place in the cryptocurrency’s price chart. According to GainMuse, the price compression seen around the levels of support is a good indicator of accumulation, especially if the buyers are seen continuing to buy at regular levels.
Overall, the coin’s price pattern is expected to enter a critical phase where the next price movement will depend largely on market buyers’ resilience and their efforts to push back to the nearby resistance zone.
Also Read | SUI Surges Above $1.45? Key Levels Indicate Possible Continuation Move
SUI Weekly Momentum Still Under Pressure
RSI for SUI stands at approximately 33.75 for the weekly time frame and is still below 50, indicating a lack of momentum and overall sales pressure. This is supported by the RSI line at about 39.39, which is still declining, indicating that bears are not yet active. As expected, all price levels are still significantly lower than all moving averages and are set at about $2.56 for 20 MA, $2.93 for 50 MA, and $2.39 for 200 MA.
The MACD is seen at -0.14, which is below the signal line at -0.35, indicating a strong negative momentum. Histogram bars continue to be red, indicating that market control is in the hands of sellers in the weekly chart. Until then, bearish pressures are expected to persist.
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