SUN Market Faces Bearish Pressure as Key Indicators Turn Negative

Market sentiment for $SUN over the 1-hour timeframe is in a tight spot according to the current technical indicators and price levels. Closing prices have been hovering around $0.02326 to $0.0234, which happens to be within the immediate support and resistance levels of $0.02316 - $0.02334 respective.

The Exponential Moving Average (EMA) has shown a mild downward trend, with the 9 EMA ($0.0233066) dropping beneath the 20 EMA ($0.0233492). This crossover signifies a potential bearish lean in the short term, which we can echo with the recent downtick in the Relative Strength Index (RSI), currently sitting at 43.75 from the previous high of 49.19. The RSI, being below the midline, implies that selling pressure has been dominating the market.

Meanwhile, the MACD, another momentum indicator, further underscores this sentiment. While coming in negative, it has shown slight signs of relief as the MACD line (-0.0000702) increases in value towards the signal line (-0.0000794). Notably, the Histogram has also been on a positive surge, indicating a gradually reducing bearish momentum.

Looking at the potential movements, a breakthrough above the nearest resistance at $0.02334 by #SUN could stimulate buying interest and push the SUN price towards the next resistance at $0.02339 and $0.02354. On the contrary, if the meme coin continues on its bearish path and breaks below the immediate support at $0.02316 while maintaining volume, It might seek the next support points at $0.02314 and $0.02313. The full analysis and trade strategy were posted on www.ecoinimist.com.