• SUI has recorded a modest gain of over 4%, trading at $3.19.
  • The asset has seen 24-hour liquidations totalling $3.14 million.

A slight uptick in crypto assets follows a bear trap recovery, with the Fear and Greed Index holding at 37, signaling fear. The altcoin SUI posts a 4.17% gain. SUI kicked off the day trading in around the $3 range, before falling to a low of $2.93. 

The altcoin’s bearish pressure has wiped out its recent gains. At press time, SUI traded at $3.19, with its daily trading volume reaching $1.11 billion. Besides, the altcoin has witnessed a 24-hour liquidation of $3.14 million. 

Over the last thirty days, SUI has lost over 31%. This price drop has pushed the altcoin toward the weekly low of $2.72 from $4.76. The asset failed to recover from the bearish pressure, trading on the downside. 

Will SUI Sink Even Deeper?

SUI’s Moving Average Convergence Divergence (MACD) line and signal line have crossed below the zero line, signalling the in-progress strong bearish pressure. Traders may regard this crossover as a confirmation of weakness and potential downside.

Is SUI Facing a Make-or-Break Moment? image 0 SUI chart (Source: TradingView )

Moreover, the Chaikin Money Flow (CMF) indicator located at -0.08, infers that the asset is under mild selling pressure in the market, within the negative territory. Meanwhile, SUI’s daily trading volume has increased by 31.65%. 

A death cross has formed for the price action of SUI and might likely retest the $3.11 support. Losing this range could open the gates for a steeper drop toward the $3 range, acting as a make-or-break crucial zone for the altcoin.

Could the downtrend be running out of fuel, the SUI price might kickstart an upside correction, aiming at the $3.25 level. If the altcoin blasts past this level, it could direct to $3.50, hinting the momentum is building for an uptick in the price trajectory.

In addition, SUI’s 24-hour frame reveals the Bull Bear Power (BBP) value at -0.4400 indicating that the bear grip is slightly stronger. The daily Relative Strength Index (RSI) at 41.56 suggests a leaning toward bearish territory.

Disclaimer: The opinion expressed in this article is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.

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