SUI Faces Bearish Momentum: Technical Indicators Point to Key Support at $1.633

The recent performance of $SUI on the 1-hour chart shows a mixed outlook, with fluctuations in key technical indicators signaling potential market shifts. Closing prices have ranged from $1.6647 to $1.6347, reflecting a gradual decline over time. 

The price trend reveals a subtle downward movement, with the latest price at $1.6381. Comparing this to the moving averages, the 9-period Exponential Moving Average (9-EMA) stands at $1.6489, signaling that the current price is below the short-term trend line. This suggests a bearish sentiment in the market, which is further emphasized by the fact that the 9-EMA has been consistently declining from $1.6624 in previous periods. Additionally, the 20-period Exponential Moving Average (20-EMA) sits at $1.6606 and has also been trending downward. This reinforces the notion of a bearish market, as prices continue to stay below both short-term and long-term averages.

Looking at key price levels, resistance is noted at $1.7154, $1.7185, and $1.724. If the #SUI price manages to recover and move above the EMAs, these resistance levels will be crucial for a potential bullish reversal. A break above $1.724 by SUI could indicate a shift in momentum, signaling that buyers have regained control. On the other hand, immediate support can be found at $1.633, with further support levels at $1.5349 and $1.5232. If the SUI price breaches the $1.633 level, it may lead to accelerated selling, potentially driving prices towards the lower support levels. #Altcoins The full analysis and trade strategy were originally posted on www.ecoinimist.com.