Amid this bearish market sentiment, SUI, the native token of the Sui blockchain appears bearish and is likely headed for a double-digit price drop, as it has formed a bearish price action pattern on its daily time frame. This bearish outlook on SUI has shifted as it fails to hold the crucial support from the ascending trendline that it has been witnessing for a prolonged period.
SUI Technical Analysis and Upcoming Levels
According to the expert technical analysis, with today’s price decline, SUI has successfully confirmed its bearish breakdown and has shifted the entire sentiment toward the bearish side.
Based on the recent price action and historical momentum, if SUI holds itself below the $4 level, there is a strong possibility it could drop by 35% to reach the $2.30 level in the future. On the positive side, SUI’s Relative Strength Index (RSI) stands at 35.5, indicating that the asset has sufficient room for further price declines.
SUI is currently trading near $3.66 and has witnessed a price decline of over 8.50% in the past 24 hours. During the same period, its trading volume dropped by 55%, indicating lower participation from traders.
$18.5 Worth of SUI Outflow
Besides, SUI’s bearish price action and strong bearish market sentiment, long-term holders seem to be accumulating the token, indicating a potential buying opportunity, as revealed by the on-chain analytics firm Coinglass. Data from the spot inflow/outflow revealed that exchanges have witnessed a significant outflow of over $18.5 worth of SUI tokens.
This substantial outflow from the exchanges indicates a potential accumulation and can cause buying pressure and further price surges, which seem hard to experience due to the bearish sentiment.
As of now, the major liquidation levels is near $3.56 on the lower side and $3.85 on the upper side, with traders over-leveraged at these levels, as reported by Coinglass.
Credit: Source link