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SUI Suffers Setback: Bears Seize Control as Price Plummets to 7-Day Low

source-logo  coinedition.com 26 May 2023 15:30, UTC

Early positive momentum pushed the Sui (SUI) price to a new 24-hour high of $0.9938 before it ran into selling pressure. As the bull’s vigor faded, the Sui bears took market control and effectively dropped the price to a 7-day low of $0.9483, where support was formed.

Despite the bulls’ best efforts, the bears retained control of the Sui market as of press time, resulting in a 1.99% drop from its previous close of $0.9668.

The market capitalization of SUI fell 1.85% to $510,578,894, while the 24-hour trading volume increased by 1.37% to $225,287,618. This action implies that traders are buying the dip, hoping to profit from the market’s downward trajectory.

SUI/USD 24-hour price chart (source: CoinMarketCap)

The Relative Strength Index (RSI) on the SUI/USD 4-hour price chart is 27.06 and is moving below the signal line, showing the market’s negative momentum.

However, a positive reversal is probable since the RSI is in the oversold range (below 30). This movement and the increased trading volume suggest buyers are entering the market, possibly driving up the price.

The MACD line motion is in negative territory, with a value of -0.0364, indicating that some selling pressure is still present. The MACD histogram, on the other hand, indicates hints of a probable bullish crossing, which might indicate a change in momentum. If the MACD line and histogram shift to the positive side, it might imply a buy signal for traders.

SUI/USD chart (source: TradingView)

The Truth Strength Index is a line that oscillates around zero, with positive values indicating a bullish trend and negative values indicating a bearish trend. The 4-hour SUI price chart shows the TSI moving in the negative zone with a value of -40.8871, indicating that the market is now in a bearish trend. This movement suggests that traders consider shorting positions to avert future losses.

The Money Flow Index rating 18.10 indicates intense market selling pressure, reinforcing the negative trend. A considerable rise in purchasing pressure and an MFI level over 50 are required for a reversal.

SUI/USD chart (source: TradingView)

In conclusion, the Sui (SUI) market faces bearish pressure with potential signs of a positive reversal. Traders are on the lookout for buying opportunities amid increased trading volume and indicators pointing towards a possible shift in momentum.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.