SUI Price Prediction: Will the Native Coin of Sui Network Extend Its Downtrend and Hit $0.91?

SUI, the native coin of Layer-1 (L1) blockchain Sui Network, rallied to an all-time high of $2.36 on October 14. However, as profit-taking activity gains

.91?" >

Native coin of Layer-1 (L1) blockchain Sui Network, SUI, witnessed a rapid ascent to an all-time high of $2.36 on October 14. But as traders engaged in profit-taking activities, SUI initiated a downward trend.

At the time of writing, the altcoin trades at $2.04, showcasing a 14% decline over the past two days. A glance at its technical setup suggests that SUI is poised to extend this fall. The burning question remains: how low will SUI go?

Sui Traders Sell For Profits

At its current price, SUI trades just above a resistance level formed at $1.97. If rising selling pressure causes this level to fail to hold, SUI’s price will then seek support at its Ichimoku Cloud, which tracks its market trends and momentum and acts as support/resistance levels.

In SUI’s case, the Ichimoku Cloud can act as a support level if the price approaches from above. But if its price enters or breaks below the cloud, it indicates a trend reversal from bullish to bearish. The cloud often acts as a transition zone; falling into or below it shows weakening momentum and could signal a potential bearish phase.

Readings from SUI’s moving average convergence/divergence (MACD) confirm this bearish outlook. Its MACD line (blue) recently crossed below its signal line (orange), signaling a shift in the market’s sentiment from bullish to bearish.

The cross below the signal line shows that an asset’s shorter-term moving average (represented by the MACD line) is falling faster than the longer-term average (signal line). This typically reflects increased selling pressure in the market, which many traders view as a sign to sell or exit long positions.

SUI Price Prediction: Interest in Coin Has Dropped

Another glaring indicator of reduced interest in the altcoin is SUI’s declining open interest. After reaching an all-time high of $709 million on October 14, open interest has signaled a lack of interest in the coin, evident in its steady trend downward.

This drop suggests a reduction in market participation and could indicate that investors are closing out positions, potentially expecting further price declines. If the selling pressure increases, SUI’s price may fall by 55% to trade at $0.91.

However, this bearish outlook could be invalidated if new demand enters the market. In such a scenario, SUI may reclaim its all-time high of $2.36 and continue to rise even further.

The above is the detailed content of SUI Price Prediction: Will the Native Coin of Sui Network Extend Its Downtrend and Hit $0.91?. For more information, please follow other related articles on the PHP Chinese website!