Sui (SUI) Continues Downward Trend As Bears Maintain Control
28 Mai 2023 - 11:50AM
NEWSBTC
The crypto market once again experienced a sell-off this week,
leading to a plunge in the price of many crypto assets. The impact
of this market downturn is not limited to Bitcoin alone, as it has
affected various cryptocurrencies, including Sui (SUI), a Layer 1
smart contract platform. Sui has witnessed a significant decline of
15% in its value over the past seven days, reflecting the broader
negative sentiment prevailing in the market. Sui Dips Below $1
Support Levels SUI experienced a significant setback this week,
breaching its crucial support level at $1. This support had been
maintained since early May, providing stability for the token
during that period. However, after enduring two weeks of
downward-sloping resistance from above, SUI finally succumbed to
selling pressure. Related Reading: Shiba Inu Burn Rate Surges 1500%
In 24 Hours, Yet Price Continues To Struggle In Red The token’s
decline reached a low point of $0.95 on Wednesday, marking an
all-time low for SUI since its launch at the beginning of the
month. This sharp drop highlights the prevailing bearish sentiment
surrounding the token and its challenges in the current market
conditions. Technical Indicators Point To Potential Bearish Path
Sui, a layer 1 smart contract platform, distinguishes itself with
its unique programming language called ‘Move.’ Developed by the
lead executives of Meta’s now-defunct Diem stablecoin project, Sui
aims to address common pain points of first-generation blockchains,
such as scalability and programmability. Despite its innovative
approach, Sui has struggled to generate substantial gains since its
inception in the trading market. In the short term, the coin may
continue to experience lower lows. According to technical analysis
on TradingView, the current conditions indicate that asset selling
might be prudent. Seven of the 11 daily technical indicators are
signaling a ‘strong sell,’ with no indicators displaying buy
signals. Related Reading: Aptos Hackathon, Partnerships Set APT
Bulls Up For A Strong Run Additionally, the relative strength index
(RSI) for SUI is currently hovering slightly above 40. With the RSI
above 40, it suggests that there is a moderate level of buying
pressure, but the overall sentiment remains uncertain. To
counteract this bearish trend, Sui would need to reclaim the $1.05
level as support, which could provide a foothold for potential
recovery. However, if Bitcoin fails to maintain its support at
$26,000, Sui will likely face further downward pressure,
potentially sinking as low as $0.90. Given the current market
conditions and technical indicators, investors and traders should
exercise caution and closely monitor Sui’s performance. Evaluating
factors such as market sentiment, trading volume, and overall
market dynamics will be crucial in determining the future
trajectory of Sui and whether it can reverse its bearish trend. At
press time, SUI price was $0.987 $ with a 24-hour trading volume of
$89,278,135 USD. -Featured image from iStock, charts from
CoinMarket and TradingView.com
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