- SUI/USD faces resistance at $1.31, with a potential drop to $1.00.
- Fisher Transform signals a downward trend, presenting a selling opportunity.
- Traders should consider waiting for a trend reversal before opening a long position in SUI.
Early in the day, bulls in Sui (SUI) were victorious but ran into significant resistance at $1.31. Due to the resistance, the SUI market became bearish, and the price plummeted to a 24-hour low of $1.13 as of press time, a 12.95% drop.
If the bears break the $1.13 support level, the next level to monitor is $1.00. This price drop might be related to profit-taking by investors who purchased SUI at a lower price and are now cashing out.
During the downturn, SUI’s market capitalization and 24-hour trading volume plummeted by 13.49% and 6.60%, respectively, to $597,521,649 and $373,553,888. The drop shows that investors may be cautious and liquidating their SUI holdings.
With a reading of -2.61, the Fisher Transform movement indicates that the price of SUI/USD is likely to continue its downward trend, signaling a possible selling opportunity for traders.
Due to this trend, traders may consider selling or waiting for a clear reversal signal before opening a long position.
The negative trend in SUI may continue, with a Money Flow Index rating of 32.45 going south. A rating of less than 50 suggests that selling pressure may dominate purchasing demand, leading to a further price decline hence the bearish anticipation.
Despite the SUI market being in negative territory, the Chaikin Money Flow (CMF) pointing upwards in a positive area with a value of 0.06 shows that there is still some purchasing pressure in the market.
This implies that traders should wait for a definite trend reversal before contemplating a purchasing opportunity since the present positive action might just be a market correction.
On the SUI/USD price chart, the Stochastic RSI value of 1.50 suggests that the market is oversold, with significant selling and low buying pressure. Although the negative momentum may persist, a trend reversal is probable if the Stochastic RSI rises above the oversold level of 20.
In conclusion, SUI faces selling pressure but may present a buying opportunity soon as indicators reflect market is oversold.
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