- SUI cryptocurrency’s price is up by 27% in a week in a bearish phase.
- The trading volume has dropped by 35% in the past 24 hours.
The SUI price chart has witnessed seeking pressure since April and has lost around 44% till now. The SUI price has declined by forming lower lows and lower highs. Currently, the digital asset price has reached near the lower high zone.
In the second week of April, the SUI crypto price rapidly dropped to the $0.90 mark but recovered a little bit. After a recent fall, the price recovered 60% in a few days, but again, sellers dominated and formed a new lower low.
At press time, the SUI crypto price traded at $1.14, and the fully diluted market cap was $11.37 Billion. The market capitalization is $2.66 Billion, and the 24-hour trading volume is $189.09 Million.
Price vs Volume Analysis
The data suggests that the trading volume has kept declining since the last week of March. It has impacted the price negatively. The involvement of buyers and sellers has decreased, which has affected the price.
Development Activity Analysis
Since mid-April, the Sui crypto’s development activity has increased, leading to a short-term buying momentum. Suppose the development activity rises in the SUI cryptocurrency; the price may soon extend to the last swing high.
Selling Pressure Can Be Seen from the $1.43 Mark
$SUI / $USD – Update
— Crypto Tony (@CryptoTony__) May 21, 2024
Reclaiming $1.43 is the safest entry here if not in already. Love the clean action here from the bulls off support pic.twitter.com/ry2KciNwqC
Based on the source on Twitter, if the SUI crypto price reaches the $1.43 mark and forms a bearish candlestick pattern, the sellers may dominate further. As per the technical chart, the sellers are stronger at that level because the price recently took a reversal from the $1.43 level.
Sui Price Analysis: Will Sellers Drag the Price Below $1 Level?
Sui price has been in a bearish trend for the past few months and is falling by generating lower lows and lower highs. Suppose the SUI price takes a reversal and falls; a bearish momentum for the short term can be seen.
Suppose the buyers lose momentum and trading volume decreases, the price may record a new lower low. On the other hand, if the SUI crypto price gains buying momentum and approaches the $1.43 hurdle, investors may eye a new all-time high.
According to the technical indicator, the MACD has formed green histograms, and a bullish crossover has been generated between the MACD and the Signal line. The RSI is at 52, rapidly recovering from the oversold zone and heading toward the overbought zone. In general, the technical indicators are favoring bullish forecasts.
Conclusion
The Sui price has performed negatively for the past few months, taking support on the $1 twice. According to the technical chart, the sellers seem strong near the $1.43 level, and the price may face resistance. Most of the technical indicators demonstrate the buying signal.
Technical Levels
Resistance: $1.43 & $2.00
Support: $1.00 & $0.60
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
