The price of SUI has fallen by 20% in the past week and has dropped below the $0.89 level. The MACD indicator shows that the bullish momentum has diminished in the two weeks since it started. The possible reason for this could be the withdrawal of funds, with Open Interest decreasing by $94 million in a week.
SUI Coin has been on a hiatus from its rally due to current market conditions. The low volatility over the past few days culminated in a failed breakout of $1, reflecting waning optimism as investors pulled back their holdings.
Loss of Confidence in SUI Coin
The SUI price may continue its decline as buying pressure eases. The MACD indicator shows that the price momentum has started to weaken in the two weeks since it started. This change may raise concerns among investors and may negatively affect the value of the crypto asset.
The decreasing momentum signaled by the MACD suggests that the initial surge in buying interest is losing steam due to the recent correction. This weakening trend could put downward pressure on the SUIâs price, signaling a reversal or a period of consolidation.
The potential reason for this decline in momentum is the withdrawal of funds from the market. A large amount of capital outflow is observed, leading to a decrease in trading activity and market confidence. The loss of $94 million in Open Interest in just one week reflects the decreasing commitment level of investors and could increase the challenges on the price of SUI.
SUI Price Forecast: Slow Recovery or No Recovery?
SUIâs price has the potential to test the $0.77 support level at $0.85. Since this level has acted as support in the past, there is a possibility that the altcoin could rally from here. However, whether the price consolidates below $0.89 and attempts to break out of the resistance could change depending on current market conditions.
If the downtrend prevails, the SUI price could slide below the $0.77 support level and drop to $0.70, invalidating the bullish neutral forecast and possibly leading to further declines.
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I EXPLAIN IN DETAILED.
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