SUI prices experienced a rise but have shown a clear weekly decline. Despite this, today the price seems to be moving upwards again. The recent price drop is attributed to investors choosing to withdraw their investments from SUI, leading to decreased optimism.
SUI Comments
As potential buying pressure decreases, comments suggesting a continued decline in SUI are becoming more common. The MACD indicator for SUI showed a noticeable decline in upward momentum just two weeks after it started. This change in momentum negatively affected the cryptocurrency, causing concerns among traders and investors.
MACD shows decreasing momentum, indicating that the initial fluctuation in buying interest may be losing strength. This downward trend could create greater downward price pressure on SUI. It may also indicate a period of consolidation.
Another reason for the decline in momentum is attributed to the recent withdrawal of funds from the market. Following the rise in SUI, investors looking to take profits have triggered significant exits, leading to a loss of confidence.
To explain more clearly, the open interest (OI) saw a loss of 94 million dollars in just one week. This decline in open interest indicates that traders’ confidence in SUI has decreased, and it may reflect the challenges SUI’s price is facing.
What Will SUI’s Price Be?
Currently trading at $0.8284, SUI’s ongoing decline suggests it may test the support at $0.77. This level, which has previously served as support, is also discussed as a potential trigger for a rebound.
If SUI moves upwards, the price may consolidate below $0.89, provided it stays above the $0.77 support. However, if the downward movement gains more strength, it could push the altcoin below the mentioned support level, initiating a move towards $0.70.
