The SUI stock recorded a loss exceeding 4%, trading at $3.47.
The daily trading volume has surged dramatically by over 142%.
As hours pass, the downward pressure intensifies, and the value of cryptocurrencies decreases. With the fear and greed index stabilizing at 50, the overall sentiment in the market remains neutral. Assets are losing momentum, including Bitcoin and Ethereum. Meanwhile, the altcoin SUI has dropped by more than 4.24%.
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In the early trading hours, the SUI price traded at its highest level of $3.85, then dropped to its lowest level of $3.45, with pessimists dominating the asset. If the downward pressure intensifies, it will erase recent gains. According to CoinMarketCap data, at the time of publication, the SUI price was trading around $3.47.
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With a market value reaching $12.18 billion, SUI's daily trading volume increased by over 142%, touching $2.02 billion. Moreover, during the last 24 hours, $5.90 million worth of SUI was liquidated in the market, according to Coinglass data.
Can the SUI stock break its recent low?
The moving averages convergence divergence (MACD) for the SUI stock is touching the zero line, and the signal line remains above the MACD line, indicating a momentum shift from bullish to bearish. Furthermore, the Chaikin Money Flow (CMF) shows a slight positive performance at 0.08. This indicates moderate buying pressure, with more capital flowing into the asset. However, it is not a strong signal to conclude a bullish trend.
Additionally, the Bull Bear Power (BBP) index value at -0.2828 indicates bear control. However, this is not a complete breakdown, as the price is trading below it. The deeper the negative value, the stronger the bearish trend. It is worth noting that the daily relative strength index (RSI) for SUI stock is positioned at 39.57. This usually indicates slight bearish momentum. There is still more room to move before the RSI reaches an acute level.
With bears in control, a death cross may form and push the SUI stock price to retest the support level at $3.42. Losing control of this range could open the door for a sharper correction below $3.37. Upon reversal, the stock price may begin a bullish correction, targeting the $3.52 level. A golden cross may appear if the SUI stock surpasses this level, potentially pushing bulls to drive the price toward $3.57.