Sui [SUI] Token price movement was very bullish one week ago. In just three short days, the altcoin grew by nearly 45% to reach $1. Over the weekend, selling pressure changed this bullish view.
A key zone of support at $0.80 was also not defended by the buyers. This inability to defend an important support could indicate that SUI’s sentiment is changing.
Ali Martinez, the popular crypto-analyst used various indicators of the market to predict that the token would be moving in a positive direction on August 21st. It seemed that this prediction was working well, until the most recent selling wave.
You Should Consider SUI Crypto traders and investors are expecting a recovery or further sales in the next days?
Under pressure, Sui Crypto Bulls
It was noted that the supply zone at $0.80 would be a major resistance point for bulls. SUI Crypto was not able to maintain this rally from the previous week.
Phantom wallet Has planned to stop its support of the Sui Network on the 24th September. The news is likely to have affected the market’s sentiment as well.
At $0.72, the price is still higher than the moving average of 50 days. CMF is at +0.05 which indicates there was still buying pressure in the market, despite the brief correction.
This timeframe’s swing structure is still a bearish one. AMBCrypto warned about this. structure In an earlier article.
Call to Action for Traders: Beware of short-term gains
On the 1-day time frame, swings were bearish. But the 2-hour price chart showed a bullish response from the $0.70 to $0.75 gold pocket. There is a possibility that there could be a bullish short-term movement, especially when Bitcoin You can recover above $80.000.
But traders and investors should not bet on the recovery. SUI Crypto needs to see a significant amount of buying pressure in order to move above the $0.80-$1 supply zone.
Market participants may decide to buy a bounce to make profits instead of going long.
Final summary
- Sui Crypto was extremely bullish one week ago, but it has not been able to sustain the purchasing pressure or momentum.
- There is a short-term possibility of a return to $0.80 but this will require buyers to be diligent.
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Source: ambcrypto.com
