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The Sui price rose more than 2% over the past 24 hours to trade at $1.55 at press time.
The Sui Price Falls Out of a Bullish Channel
4-hour chart for SUI/USDT (Source: TradingView)
The Sui price is trading within a consolidation zone between $1.4995 and $1.6570. However, the latest drop in the altcoin’s price led to it falling out of a short-term positive price channel. As a result, SUI may soon retest the $1.4995 support level. A break below this significant price point could put the crypto at risk of plummeting down to the subsequent support level at $1.3700 in the short to medium term. In an extremely bearish scenario, the Sui price could nosedive to as low as $1.2270 in the upcoming fortnight.
This bearish thesis may be invalidated if the Sui price is able to recover back within the bullish channel in the next 24 hours. In this alternative scenario, SUI could attempt to flip the $1.6570 resistance level into support within the following couple of days.
Bears Are Gaining the Upper Hand Against Bulls
Technical indicators on SUI’s 4-hour chart suggest that SUI may drop in the next 48 hours. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) indicators are flagging bearish.
The RSI line is on the verge of crossing below its Simple Moving Average (SMA) line. This could trigger a significant bearish technical flag that will indicate sellers have gained an upper hand against buyers. In addition to this, the MACD line is closing in on the MACD Signal line. This could be the early indication of SUI entering into a negative trend.
The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
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