SUI Faces Decline: Is a Test of Previous Lows Inevitable no
SUI currently trades near $3.82.
24-hour trading volume has increased by 155%.
Liquidations over the past 24 hours hit $12.42 million.
The broader crypto market kicked off the day on a recovery note, with the market cap reaching $3.51 trillion. It exhibits greedy sentiment in the market, as the Fear and Greed Index value holds firmly at 73. All the major assets have reclaimed the lost momentum.
Reportedly, the DEX Cetus on the SUI blockchain has been compromised, with the attacker draining $11 million worth of SUI tokens from the SUI/USDC pool. And, this incident has triggered SUI to drop 2.27%.
As per the on-chain data, the hacker has spent 58.3 million USDC to buy 21,938 ETH at an average price of $2,658. Significantly, the Cetus hacker converts the stolen funds into USDC and cross-chains to Ethereum to exchange for ETH, with 60 million USDC already cross-chained.
SUI opened the day trading at the $3.91 range. The bullish shift has sent the price toward a high of $4.19. And the daily low was recorded at around $3.77. At press time, SUI traded at $3.82, with its trading volume surging by over 155%, reaching $3.11 billion. Furthermore, the altcoin has witnessed a 24-hour liquidation of $12.42 million.
Can SUI Maintain Its Upward Drive?
The overall sentiment of the market is cautiously bullish with the Moving Average Convergence Divergence (MACD) line of SUI settled above the signal line. This likely implying a bullish crossover, and the upside momentum is gaining strength. Also, the asset’s Chaikin Money Flow (CMF) indicator, positioned at 0.08, hints that the capital is flowing into the asset, with moderate buying pressure in the market.
SUI’s four-hour trading window reports the current upside correction, and it might push the price to the nearby resistance at the $4.07 level. Upon successfully breaking past the $4.10 mark, the price could climb to the $4.25 zone. An extended bullish momentum triggers the further upward price movement.
On the downside, if the altcoin’s uptrend exhausts its drive and slides deeper, a death cross might pop up to test the crucial support at the range of $3.88. Losing this level could initiate a sturdy downside correction, pulling the price back toward $3.70. This threshold likely acts as a break-out or break-down region.
In addition, the Bull Bear Power (BBP) reading of the asset at 0.0864 suggests a moderate bullish strength in the market. SUI’s daily Relative Strength Index (RSI) value found at 50.89 indicates a neutral market condition with no clear signal of overbought or oversold conditions.
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