What to know:
- SUI price fell 3.11% to $0.6552 after losing the key $0.67 support.
- The $0.642-$0.65 zone is now crucial for a potential recovery.
- Reclaiming $0.67 could push SUI toward $0.68-$0.69 and $0.70.
SUI price is facing selling pressure once again due to the failure of the coin to hold above an important support level at $0.67, which may see more downward pressure in the coming days.
At the time of writing, SUI is trading at around $0.6556, down 3.11% over the last 24 hours. The token has recorded approximately $375.06 million in daily trading volume, while its market capitalization stands near $2.67 billion.
SUI Price Loses Key Accumulation Support
A popular crypto analyst, BitGuru, pointed out the current development on August 18, when SUI was unable to hold its accumulation at $0.67 and moved to $0.65.
From the market perspective, the price level of $0.642-$0.65 could become the decisive one for the future movement of SUI. If the buyers enter the market at this level and prevent any further breakdown, SUI may try to bounce back to $0.68-$0.69.
The rally above $0.67 will be crucial because it may prove that the breakdown was only temporary. In such a case, the shares should regain control over the $0.68-$0.69 area.
At the same time, the downside is rather considerable. In case SUI drops below $0.642 and does not manage to recover from this point, the next possible target might be located near $0.62.
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SUI Price Remains Below Key Bollinger Band Levels
The SUI price is currently at $0.6556 and is below the lower Bollinger Band at $0.66254. The middle Bollinger Band level is $0.68181, and the upper Bollinger Band level is $0.70107. The fall below the lower Bollinger Band signals continued selling pressure and poor price strength.
MACD line is currently at -0.01232 and is below the signal line, which is at -0.01188, while the histogram value is -0.00043. This keeps the MACD in negative territory, and hence indicates the existence of bearish momentum. Failure by the MACD to move upwards might result in further pressure on the price of SUI.
What Happens Next for SUI Price?
The next few sessions in terms of price will be crucial for SUI’s immediate direction.
Firstly, the support level to watch out for is $0.642-$0.65. Any reaction at this level may enable buyers to propel SUI above $0.67.
In case the buyers manage this feat, the subsequent resistance level to watch out for will be $0.68-$0.69 and then the upper Bollinger band level of $0.70.
Conversely, persistent selling below $0.642 will reduce the probability of recovery and might result in a test of $0.62.
At present, the price action of SUI continues to be bearish, with the Bollinger Bands and the MACD all indicating further weakness. The main point to remember here is that SUI must recapture $0.67 and challenge $0.68-$0.69 in order to prove that there is a buyer resurgence.
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This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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