SUI Crypto Signals Red Forecast: Bulls Lost Grip; Time For Correction?

• Sui price has declined by 15% in a week and slipped below the 20-day EMA.
• SUI price has advanced by 440% since September, indicating bulls’ potential.

Sui price has been climbing since August and has touched the $5 mark amid this bull run. However, it failed to continue the bullish trend and has slipped below the 20-day EMA. SUI crypto price has formed a base at the $3.20 level in November and escalated by 30%.

Since the beginning of December, the price has been defending the 20-day EMA but lost the 20-day EMA towards the end.

The price climbed by forming higher highs and higher lows. However, buyers have failed to claim new higher highs which showcases the bearish forecast. Losing the 20-day EMA might bring confidence among sellers.

SUI Price Overview and Chart Analysis

When writing, Sui crypto was trading at $4.14 which has dropped by 1.12% over the past 24 hours. The market capitalization was around $11.92 Billion and the 24-hour trading volume was $795.58 Million.

The chart structure displays that the price has failed to record a new higher high. This price behavior might attract sellers and a bearish momentum could be anticipated. At press time, the bearish momentum was halted near the previous support level of $4.

Once the price slips below the $4 mark, it could initiate a sharp selling. If the SUI coin price sustains below this level, a major selling opportunity can be generated. Here, the majority of investors and traders might prefer to book profit which could lead to a bearish trend.

Conversely, if the price takes support on the $4 mark, bulls may try to continue the bullish trend. If buying pressure is generated at this level, the price is expected to record a new higher high.

SUI Crypto Price Struggling in a Channel

In a 4-H time frame, the price has been hovering in a parallel channel for a month. Since Dec 12, the price has struggled to exceed the major resistance level of $5. However, sellers have won the battle, dragging down the price to the lower level of $3.5.

According to the chart analysis, the price is expected to melt to the $3.50 mark. Once the SUI coin price starts trading below the $3.50 mark, strong selling pressure can be anticipated. On the flip side, breaking out from the $5 mark would set off buying pressure.

SUI Price Analysis Based on Chart and Trend

SUI crypto market is currently experiencing a bearish phase after failing to maintain its bullish momentum above the 20-day EMA. With a significant decline of 15% over the past week and the price hovering around $4.14, there are indications that sellers are gaining control, especially if the price falls below the critical support level of $4.

The chart analysis suggests that if SUI price slips below $3.50, it may lead to increased selling pressure. However, if the price can find support at the $4 mark and generate buying pressure, there could be a potential for recovery and the formation of a new higher high.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.