The SUI price has dropped below the $3 mark as the bearish clouds loom. The increased selling-over-buying pressure has crashed the price approximately 21% in the last seven days. With on-chain sentiments turning bearish and technical indicators witnessing mixed price action, will Sui price make a comeback this week or continue its freefall?
For the first time in over 3 weeks, the Sui token recorded its lowest Open Interest to $1.15 billion today. This marks a drop of over 45% from its ATH of $2.05 billion. The constant decline in the trend is mostly due to increased outflow from the market, suggesting a strong bearish sentiment.
The SUI total liquidations chart shows a decline in the long positions, suggesting a weaker optimism for the altcoin in the market. Considering the market sentiments, let us now understand the SUI price prediction for this week.
SUI Price Forms Strong Bearish Trend
With an intraday price drop of 2.10% and a trading volume of $1.082 billion, the Sui crypto continues trading under a negative influence. Moreover, it has formed a descending channel pattern in the daily time frame, suggesting increasing selling pressure in the crypto market.
In the Volume chart, significant spikes are visible near the price drops, indicating strong selling pressure for the altcoin in the market. This trend suggests a dominated bearish price action in the crypto-verse.
In the Exponential Moving Average (EMA) chart, the SUI token is trading below all EMAs, signaling strong bearish momentum. The crossover patterns and EMA slope help traders spot trend reversals or continuations.
The Stochastic RSI indicator is near 20 mark, suggesting that SUI may be oversold further suggesting a potential reversal shortly. Considering the sentiments, uncertain price action could be expected from the SUI token this week.
Will SUI Crypto Rise Back Up?
When a trend reversal occurs, the Sui coin price could retest its immediate resistance levels of $2.93 or $3.50 respectively. A sustained action could push its value toward its upper price target of $4 in the upcoming time.
Conversely, if the bearish sentiment intensifies, this could pull the SUI price toward its pivotal support trendline of $2.40 this month.
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