The SUI price has been sliding down for weeks now, and the chart makes it fairly clear why issues haven’t improved.
The worth retains drifting decrease, and each bounce fades earlier than it even will get going. Crypto analyst Aman summed it up nicely in his replace.
SUI hasn’t damaged above its descending trendline a single time throughout this whole transfer down. Till that line lastly offers manner, the development remains to be firmly bearish, irrespective of how oversold the chart appears to be like.
SUI Simply Can’t Break That Trendline
The day by day chart shared by Aman tells the entire story. Each time the SUI value tries to push increased, even throughout makes an attempt to reclaim the $1.80 space, the value faucets the trendline and immediately will get rejected.
It’s the identical sample repeating repeatedly: a small bounce, a fast fade, and one other decrease low. That form of clear rejection normally means sellers are nonetheless in full management, and larger patrons aren’t stepping in but. Even the occasional inexperienced candles don’t final lengthy as a result of quantity dries up nearly instantly.
When a restoration try exhibits weak quantity, it’s normally a signal that the market isn’t able to flip path. That’s precisely what’s occurring right here: the SUI value is making an attempt to bounce, however there’s simply not sufficient shopping for strain behind these strikes.
Two Main Help Zones Might Be the Turning Level for SUI Price
Regardless of the downtrend, the SUI chart isn’t all unfavorable. Kyle Chassé identified two sturdy helps that would give the SUI value a likelihood to stabilize.
The weekly chart highlights each zones clearly. The primary assist zone sits round $1.30–$1.35, the place SUI spent a lot of time consolidating in early 2024. The second assist zone is deeper, nearer to $1.00–$1.05, and it’s the extent that triggered sharp reversals in the previous.
These ranges matter as a result of SUI has reacted strongly to them earlier than. If the SUI price reaches one of these zones with a spike in volume, it might lastly kind a correct base for a development reversal.
But when SUI breaks beneath each helps, issues might get a lot uglier, particularly with the bigger development nonetheless pointing downward.
Learn Additionally: SUI Price Pattern That Triggered the Last Major Rally Is Back Again
What’s Subsequent for SUI?
Even with sturdy assist beneath, the one factor that basically adjustments the story is a clear break above the descending trendline, a breakout doubtless needing a transfer again above $2.00 with sturdy quantity behind it.
That’s the second merchants are ready for, a breakout with sturdy quantity behind it. With out that, SUI will doubtless proceed drifting decrease, irrespective of what number of small bounces pop up alongside the best way.
Proper now, the SUI price is caught between heavy promoting strain above and two essential assist ranges beneath. Whichever aspect breaks first will resolve the subsequent massive transfer. For the second, the downtrend remains to be in management.
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