This is why the SUI price failed to recover $1 before the end of August
Sui's price rally has stalled over the past few days as the market cooled, resulting in a $1.00 crash.
However, this decline was triggered by investors opting to pull their money out of the property as optimism waned.
SUI loses confidence.
SUI prices may continue to decline as purchasing power declines. The MACD indicator shows that the bullish momentum is fading after two weeks. This change in speed can have a negative impact on the crypto asset, causing concern among traders and investors.
The declining momentum indicated by the MACD suggests that the initial surge in buying interest may be losing steam due to the recent correction. This weakening trend is important because it can signal a reversal or a period of consolidation, putting downward pressure on the SUI price.
Read more: Everything you need to know about Sui Blockchain
One reason for this slowdown is the recent exit from the market. It seems that a large amount of capital has been withdrawn, which has reduced business activity and market confidence.
Emphasizing this point further, open interest saw a significant decline, losing $94 million in just one week. This reduction in open interest reflects the level of commitment from traders, which may exacerbate the challenges facing SUI rates.
SUI Price Prediction: Slow recovery or no recovery.
The price of SUI is looking at a possible decline to test the support at $0.77 at $0.85. Since this level has been tested as support in the past, there is a possibility that the altcoin can bounce back from this point.
Therefore, the result will probably be a consolidation at $0.89, with SUI trying to break the resistance. Given the above factors and broader market signals being weak, the altcoin may remain above the $0.77 support.
Read more: Top 10 Sui (SUI) Wallet Guide in 2024
On the other hand, if bearish signals prevail, they may drag the altcoin below the aforementioned support line. This destroys the value of bullish-neutral research, resulting in a drop to $0.70.
Disclaimer
In accordance with Trust Project guidelines, this price analysis article is for informational purposes only and should not be construed as financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions. Please note that our terms and conditions, privacy policy and disclaimer have been updated.
