Catching a short-term upward trend in the cryptocurrency market sui coin (SUI) faced a sharp decline last weekend. This decline caused SUI to lose approximately 10 percent in value in the last 48 hours.
The Price of Sui Coin Is Near the Threshold of a Significant Collapse
Sui Coin, which lost 7.26 percent in value in the last 24 hours, draws attention with its transaction volume of 1.29 billion dollars. While a 48.18 percent increase was recorded in the transaction volume, there was a 12.3 percent correction in the price of the altcoin in the last week. Still, a year-to-date return rate of 10.86 percent SUI It is considered as a possible recovery signal for .
Technical indicators paint a mixed picture for SUI. Moving Average Convergence Divergence The (MACD) indicator presents a bullish red histogram on the daily chart. This rising red histogram indicates that selling pressure is increasing.
But 50 days Exponential Moving Average (EMA) forms a strong support point for SUI. However, the upward trend of the 200-day EMA indicates that the market is in a volatile structure.
Can SUI Coin Price Reach $5 This Week?
If a recovery occurs for Sui Coin, the price is expected to first test the $4.75 resistance level. If persistence above this level is achieved, it may be possible for SUI to regain the critical $5 level.
On the other hand, if the downward trend continues, SUI ascending channel formationThe probability of breaking the support trend line will increase. In this case, it seems possible that the price will first decline to the $4 level and then to the $3.8 region if the bulls lose support.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that crypto currencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
