SUI has factored in an additional price drop of 0.55% in the last 24 hours.
The altcoin recently hit its ATH of $3.93 on November 17 as per CMC data.
The crypto market decided to take a downturn over the weekend after Friday’s price action. Leading cryptocurrency Bitcoin went on to take a brief pause from its upward rally and is currently trading at the $97K level. Subsequently, the altcoins sector also dropped modestly while also attempting to pause the downward gears. On the other hand, SUI has been traversing its own bearish path.
Sui Network’s native token, SUI has been recording price drops over the past week following its previous rally. Prices have dropped by 9.98% in the last seven days, dropping from a high of $3.79 to current trading levels of $3.4. Additionally, in the last 24 hours, the altcoin factored in a price drop of 0.55%.
However, zooming out over the past month, SUI has seen a significant price increase of 92.37%. This caused SUI to break its resistance at $2 and to hit new trading levels including its new ATH at $3.93 on November 17. At the time of writing, SUI was trading at $3.45 as per CMC data.
Furthermore, the Sui Network experienced a block outage a few days ago which further aided the bearish takeover. On November 21, the blockchain’s activity faced a glitch that lasted for an hour, during which time no blocks were validated.
Will SUI Bulls Overpower the Bearish Takeover?
On inferring SUI’s price movements, the altcoin still traced an ascending channel despite the price drop. While its bull power indicator value stands at 0.50, its bear power indicator value stands at -1.49. This indicates a bearish dominance.
On the other hand, the altcoin’s RSI was seen to have stood at the 63.94 value as per TradingView data. This indicates a neutral sentiment. The RSI and the ascending channel pattern suggest that SUI still holds the potential to resume its bullish rally in the coming days.
If the cryptocurrency finds a support level to spring up from, it can be expected to turn its route towards an upward momentum. Meanwhile, other altcoins such as XRP have remained bullish in the last 24 hours.
