SUI price rises 38%, bearish sentiment is imminent!

SUI price performed well yesterday and became one of the bright spots among altcoins. However, while SUI's price rebounded, the relative strength index (RSI) formed a hidden continuation divergence with the price action. This usually indicates a possible decline in the future, suggesting that the overall downward trend is not over yet. If SUI fails to stay above the level after the breakout, it may fall below the downtrend line again.

In addition, SUI's negative funding rate further exacerbated the bearish sentiment in the market. Negative funding rates usually indicate that more traders in the market are betting on a price decline, increasing the downward pressure on the price.

The outlook for SUI is not optimistic. If the market sentiment remains unchanged, SUI may fall back to the $0.779 support level, and may even fall further to $0.707 or $0.639, erasing previous gains.

However, if the market sentiment improves, SUI stays above $0.779 and successfully breaks through $0.894, it may reverse the current bearish trend.

Juliet believes that SUI's recent performance highlights the profound impact of market sentiment on the price fluctuations of altcoins. In the current market environment, investors need to be wary of potential technical pullbacks. Worried that market fluctuations will affect your investment decisions? Don't know how to avoid risks? Free sharing of strategies, buy low and sell high, grasp the market trend. Look at the picture on the right ➕ I 🐧 Q, take you to get the wealth code