SUI price analysis shows a fragile recovery attempt after recent selling pressure. Buyers have defended a key support area, but the broader chart structure still lacks confirmation of a sustained bullish reversal.
As of writing, SUI is trading at $1.08, showing a 4.82% decline in the past 24 hours. The trading volume is down by 10.03% and is currently standing at $892.65 million. Over the last week, the coin price has decreased by 2.07%, according to CoinMarketCap.
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SUI Price Analysis Shows Recovery Still Lacks Strength
Crypto analyst MCO Global highlighted that SUI price analysis shows that market activity has weakened. The latest pullback came as buyers failed to build a strong move from lower levels.
Price has bounced back from the micro support area of $0.973 to $1.05. However, that rebound has not changed the broader weak structure.
The analyst said that SUI has begun to be in recovery mode from that support area. The analyst added that the downward trend from the recent high has now become more of a 5-wave pattern.
This view keeps downside risk active. It also suggests that yellow wave 4 may have already formed its high.
There is a potential for a short-term rebound in the leading scenario. The primary resistance is around $1.32 on SUI price analysis. The move is still considered corrective as long as the token is not above that level. In order to improve the structure, it is necessary to break above $1.32.
The risk scenario continues to be a rejection. Should SUI break below resistance, sellers might focus on lower support levels. The initial major support will occur near $0.88. The next level is $0.817. Near-term support remains at $1.05 and $0.973.
Futures Volume Drops as Open Interest Falls
CoinGlass data shows that the future volume is down 17.80% to $1.24 billion. Open interest fell 2.55% to $731.48 million. The SUI OI-weighted funding rate stood at 0.0057%. This reflected only a small amount of leverage demand in the market.
RSI Holds Above 50 While MACD Signals Pressure
SUI price analysis from the daily chart shows a Relative Strength Index (RSI) at 52.64. The RSI moving average is higher at 60.99. This indicated that after the initial surge of momentum, it had slowed down. RSI continued to stay above the neutral 50 mark.
The Moving Average Convergence Divergence (MACD) indicator also displayed weak momentum. The MACD line is at 0.0300. The signal line sits higher at 0.0402. The histogram printed -0.0102. This negative reading indicated the sellers continued to maintain short-term control.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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