Will Sui Price Fall To the $0.40 Level?
At the start of June, Sui’s price broke the major psychological level of $1 and began its bearish rally to fall further down. After the meltdown, the cryptocurrency price formed support near $0.60 and initiated a bullish rally in hopes of retesting $1 but the move could not be sustained.
SUI price faced strong rejection above $0.80 which again induced negative sentiment in the price. The price corrected the bullish move and was successful in breaking the support level of $0.60. Recently, the asset price formed a support at $0.47 after shattering the psychological level of $0.50. The price regained bullish momentum and retested the $0.60 level.
SUI price fell after touching $0.60 and retraced back to $0.47. Currently, the cryptocurrency price is hovering near support level of $0.47.
If the bears can push the price below the $0.47 support level, the price might head down toward the initial support level of $0.42 and potentially toward $0.40. The bearish move has a high probability of playing out as the overall trend is still bearish.
On the other hand, if the price can form a strong base near $0.47 and re-commence a bullish rally, the price might rise toward $0.60. Firstly, the price needs to clear the $0.50 resistance level in order gain to decent returns.
Network Activity of SUI
In the past 30 days, the daily active addresses have surged 24.4%, rising to 74,842. In 2023, the daily active addresses peaked on 20 August, reaching to 613,170 since then there has been a significant downfall.
However, the daily transaction of Sui has dropped 11.9% in the past 30 days, coming down to 1,044,544. The total value locked has witnessed a notable increase of 50% in the last 30 days, rising to $23.9 Million.
Will SUI Price Fall to $0.40?
The cryptocurrency price fell below 20, 50, and 100-day exponential moving averages, indicating bearish momentum. Chaikin money flow (CMF) score has climbed above the 0 mark and currently trades at 0.05, suggesting slight strength in the market. The relative strength index is still hovering near the oversold zone, indicating bearish momentum in the price.
The Bollinger bands have also slightly expanded indicating a rise in volatility. SUI price has been hovering near the lower band of the Bollinger but has shown no signs of a short-term pullback. The long-short ratio is 0.96 with 49.05% longs and 50.95% shorts indicating the slightly higher position of sellers in the last 24 hours.
Conclusion
The market structure and price action of SUI are strongly bearish but traders should wait for a candle to close below $0.47 before looking for shorting bids.
Technical Levels
- Major support: $0.47 and $0.42
- Major resistance: $0.60 and $0.70
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
