Wednesday, February 19, 2025
More
    HomeFinancePotential 35% Drop for SUI on the Horizon as Bearish Sentiment Grows

    Potential 35% Drop for SUI on the Horizon as Bearish Sentiment Grows

    Related stories

    Hyderabad Airport Enhances Safety with Runway Upgrade for Foggy Landings

    GMR Hyderabad International Airport has installed a new system...

    Former SEC Official Predicts Ripple Lawsuit to Follow Binance and Coinbase Cases Suspension

    The post Binance and Coinbase Cases Paused, Ex-SEC Official Says ‘Ripple Lawsuit Next’ appeared first on Coinpedia Fintech News The U.S. Securities and Exchange Commission (SEC) is facing a shift in its enforcement of cryptocurrency regulations. Recently, both Coinbase and Binance had their legal battles with the SEC temporarily paused. With Ripple possibly following suit, many are questioning whether the SEC’s crypto-enforcement program is coming to an end. Former SEC chief John Reed Stark …

    TGTDC launches one-day tourism package

    The Telangana Tourism Development Corporation (TGTDC) has introduced a...

    Singareni CMD urges preparation of a 10-year sustainability plan

    SCCL Chief Emphasizes Hard Work and EfficiencyHyderabad/Kothagudem: Singareni Collieries...

    SUI, the native token of the Sui blockchain, is facing a bearish market sentiment and is expected to experience a significant price drop. The token has formed a bearish price action pattern on its daily time frame and has failed to hold the crucial support from the ascending trendline. This shift in sentiment has confirmed the bearish breakdown of SUI.

    According to expert technical analysis, the recent price decline of SUI has shifted the sentiment towards the bearish side. Based on the price action and historical momentum, if SUI remains below the $4 level, it could potentially drop by 35% to reach the $2.30 level in the future. The Relative Strength Index (RSI) of SUI currently stands at 35.5, indicating room for further price declines.

    At present, SUI is trading near $3.66 and has experienced an 8.50% price decline in the past 24 hours. The trading volume has also dropped by 55%, suggesting lower participation from traders.

    - Advertisement -
    Also read:  Crypto.com to Launch CRO Spot ETF and Introduce Fresh Financial Products by 2025

    In addition to the bearish price action and market sentiment, long-term holders of SUI are accumulating the token, indicating a potential buying opportunity. On-chain analytics firm Coinglass has reported a significant outflow of over $18.5 worth of SUI tokens from exchanges. This outflow suggests potential accumulation and can create buying pressure and further price surges, despite the current bearish sentiment.

    - Advertisement -

    The major liquidation levels for SUI are currently near $3.56 on the lower side and $3.85 on the upper side. Traders are over-leveraged at these levels, as reported by Coinglass.

    Note: Investments carry market risks. Please invest carefully. We do not accept responsibility for any financial losses.

    - Advertisement -
    Rajesh M
    Rajesh Mhttps://www.telanganatribune.com
    Latest News from Hyderabad, Telangana, India & World!

    Follow us

    3,565FansLike
    179FollowersFollow
    1,202FollowersFollow
    965SubscribersSubscribe

    Contribute News

    You can contribute an article to Telangana Tribune by dropping a mail at newsdesk@telanganatribune.com

    Latest stories

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here