In short

  • The price of SUI is about to break below the key support level of $2.03, which could change the ascending channel.

  • Bull and bear strength indicates that bears are actively selling altcoins, signaling potential declines.

  • The MACD on the daily chart shows bearish momentum, indicating that the price of SUI may retrace to $1.83.

SUI 空头将价格推低至支撑位以下，预计下跌 10%

If the current technical setup shows any signs, the price of Sui (SUI) may drop below $2. On October 14, the token of the Layer-1 Move programming blockchain reached an all-time high of $2.36.

Since then, altcoins have faced challenges during the upward movement, and this analysis explains why SUI may face a long-term adjustment.

Sui Wenjing descends from the ascending channel

Looking at the SUI/USD 4-hour chart, it can be seen that the token has been trading within an ascending parallel channel since last month. This pattern is formed when traders connect higher highs and higher lows with two ascending parallel trend lines. The upper trend line connects the highs, while the lower trend line connects the lows.

This technical pattern is usually a bullish signal, indicating that the value of the cryptocurrency may rise. However, this will only occur if the price stays above the support line of the downward trend line.

For SUI, the support level of the downward trend line is $2.03, as shown in the figure. The price of SUI is approaching this area. If the price breaks below this level, a significant decline may occur.

SUI 4小时价格分析

Sui 4-Hour Price Chart. Source: TradingView

Additionally, the Bull-Bear Power (BBP) has turned negative within the same time frame. BBP is a technical oscillating indicator used to measure the relative strength of buyers versus sellers in the market.

When BBP is positive, bulls dominate, and prices tend to rise. Conversely, a negative BBP indicates that bears are in control. As shown, BBP has experienced a sharp decline, indicating that SUI bears may push prices down.

SUI 熊掌不可撼动

Sui Bull-Bear Power. Source: TradingView

SUI Price Prediction: Downward Trend Difficult to Stop

At the same time, the daily chart also seems to align with bearish tendencies. For example, the Moving Average Convergence Divergence (MACD) has fallen into negative territory, similar to BBP.

Historically, buying when the MACD rises into positive territory has been a good strategy. This is because readings during that period indicate bullish momentum and that prices can rise. However, a negative MACD (as in the case of SUI) indicates bearish momentum, signaling a sell.

Due to this situation, the price of SUI may decrease by 10%, falling to $1.83. Under highly bearish and volatile market conditions, altcoins could drop to $1.64.

SUI价格分析

Sui Daily Price Analysis. Source: TradingView

But if a bull market occurs, this prediction may fail. In that case, SUI could rebound to $2.36 again.