SUI Faces a Rocky Road Against Bears

• SUI has recorded a loss of over 4%, trading at $3.47.
• The daily trading volume has exploded by over 142%.

As hours pass by, the bearish grip tightens, and the crypto tokens dip into the red. With the Fear and Greed Index holding at 50, the overall sentiment is neutral in the market. The assets are losing momentum, including Bitcoin and Ethereum. Meanwhile, the altcoin, SUI, slips by over 4.24%. 

SUI, in the early hours, was trading at around a high of $3.85 and fell to a low of $3.45, as the bears took charge of the asset. If the bearish pressure intensifies, it would wipe out the recent gains. According to the CoinMarketCap data, at press time, SUI traded at around the $3.47 range. 

With its market cap reaching $12.18 billion, SUI’s daily trading volume has exploded by over 142%, touching the $2.02 billion mark. Besides, over the past 24 hours, $5.90 million worth of SUI was liquidated in the market, as reported by the Coinglass data. 

Could SUI Break its Recent Low?

SUI’s Moving Average Convergence Divergence line touches the zero line, and the signal line stays above the MACD line, which indicates the momentum is shifting from bullish to bearish territory. Moreover, the Chaikin Money Flow (CMF) indicator at 0.08 is slightly positive. This suggests moderate buying pressure, as more capital is flowing into the asset. But it is not a strong signal to infer the bullish trend. 

In addition, the Bull Bear Power (BBP) value found at -0.2828 hints that the bears are dominant. But it is not a total collapse, and the price is trading below. The deeper the negative value, the stronger the bearish sentiment. Notably, SUI’s daily Relative Strength Index is stationed at 39.57. It generally points to mild bearish momentum. There is still more room to run before the RSI reaches an extreme level. 

With the bears in control, the death cross might form and trigger the SUI price to retest the $3.42 support. Losing hold of this range could open the door for a steeper correction below the $3.37 range. Upon a reversal, the asset’s price might initiate an upside correction, aiming for $3.52. The golden cross could emerge if SUI surpasses this level, and the bulls may take the price toward the $3.57 mark.

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