What to know:
- SUI remains under strong bearish pressure, but price action near the $0.84 support level suggests early signs of stabilization.
- The $0.88 resistance level is a key short-term barrier, and a breakout above it could trigger a shift toward bullish momentum.
- SUI continues to trade below major exponential moving averages, confirming that the broader downtrend is still intact.
SUI is still under ongoing bearish pressure and is riding the trend, but its latest movements show that the selling pressure may be slowing down somewhat.
According to crypto analyst BitGuru, after a steady decline, it seems like this token has found its way to a healthy support band around $0.84, where it’s starting to attract some buying interest and initiate a slight recovery.
Source: BitGuru’s X Post
The focus is on the $0.88 level, which is the key short-term level for the token. A successful breakout above this level could propel the asset to further gains, while the trend would shift in favor of the bulls.
Failure to hold above this level would only confirm the weakness, keeping the asset at risk of further pressure.
Also Read: Sui (SUI) Eyes Move Toward $1.03 as $1T Milestone Boosts Bullish Sentiment
SUI Technical Outlook Reveals Strong Bearish Pressure
According to TradingView, the token is displaying a bearish bias following the price’s high point in mid-March at $1.08. The price is still way below the primary exponential moving averages, reflecting the price’s ongoing downward momentum.
In particular, the EMA-20 at $0.87871 serves as a price barrier. As of now, the bears are firmly in charge of the price action as the asset searches for a price floor.
Source: TradingView
Bollinger Bands show that the price is probing the lower edge at $0.83006, which is an oversold condition with high volatility. A small green candle is formed at $0.84453, but the volume is still thin.
It is suggested that investors pay close attention to the middle band at $0.88089, which is likely to trigger a reversal. If not, the price is likely to drop to $0.80.
Sui Unveils Plans for First-Ever Stage Event in Miami
Apart from this bearish price movement, Sui Network is preparing for a major event as it heads to Miami for its first live broadcast, Sui Live, happening on May 7.
This is a major milestone for the project, happening from the heart of center stage, and represents its drive for greater global awareness, engagement, and outreach as it continues to build its presence in the competitive blockchain space.
This event is expected to include key announcements, ecosystem spotlights, and future plans for Sui. The event will also include information on the applications of the network in the real world and future innovations and plans from the team. As anticipation builds up, this broadcast may play an important role in the future of Sui.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: SUI Weakens After Rejection at $1.018 as Downside Pressure Builds
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