$SUI Soaring Behind the Madness Hides a Crisis, the Path of Rebound May Be Bumpy!
SUI has recently surged wildly, but we need to be cautious; this wave of rebound may contain traps. Although the price is climbing rapidly, last week's trading volume has secretly declined, which is not a good phenomenon. Some signals and data from the market are cautioning us that selling pressure is quietly increasing.
Take last week for example, the SUI token rose by more than 19%, many people made a fortune. But the surge is clearly not as fierce as before, like a runner starting to gasp for breath. Moreover, while the price is rising, the open contracts are also increasing, which initially looks like a bull market is coming, but we cannot just look at the surface.
The actual situation might change face quickly. According to some data, such as from Santiment, although the price is still rising, the trading volume has shrunk, indicating that the trend might be about to reverse downward. Additionally, SUI's weighted sentiment has also decreased significantly, with more and more people becoming bearish, similar to a weather forecast predicting rain, everyone starts to look for umbrellas.
Looking at the selling pressure, on November 17, the sales volume exceeded 70, which is quite significant. If this value approaches 100, it indicates that the selling pressure is enormous and could likely drive the price down.
Other technical indicators are also raising alarms, such as Chaikin money flow declining, which is like saying someone is quietly withdrawing funds. SUI's relative strength index has also become overbought, reaching 84, which is like an athlete running too hard and needing a break. This might cause panic among everyone, leading to mass sell-offs, and the token price could potentially decline sharply.
Additionally, this is SUI's market value calculated in BTC. The token price has also hit the upper limit of the Bollinger Bands, which is like hitting a speed limit sign while driving, necessitating a slowdown.
However, if it does drop, SUI might find a support point at the 20-day simple moving average and could potentially bounce back up.
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