Bullish Breakout or Bearish Breakdown? SUI Faces a Key Resistance Test

SUI is trading around the $3.24 mark. Liquidations over the last 24 hours have reached $5.44 million. The 1.05% loss in the broader crypto market cap has pushed it to $2.92 trillion. The fear and greed index holds steady at 50, reflecting the market’s neutral sentiment. Meanwhile, SUI has posted a 4.38% loss The asset’s sustained bullish price action could trigger it into positive territory. The asset’s daily high and low are noted at the $3.48 and $3.24 range. As of now, SUI traded at around $3.24, with its trading volume surging by 17.17%, reaching $1.41 billion. Notably, the altcoin has witnessed a 24-hour liquidation of $5.44 million. SUI has recorded a loss of over 8% in the last seven days. The altcoin opened the week trading at around $3.56, and it moved upward to the weekly high of $3.73. It could not escape the bearish pressure, hitting a low of $3.16. Is SUI Stuck in a Bearish Cycle? The ongoing downside correction of SUI could push the price down toward the $3.21 level. A death cross formation might trigger the asset to retest the $3.10 support. Losing this level could initiate a steady drop, marking a decisive support or resistance level. If SUI’s downtrend reverses, the awake bulls could drive the price to the $3.35 range. Further progress in the asset’s price momentum might build a sturdy path to enter into the bullish price trajectory, forming the golden cross to likely support the gains. The Moving Average Convergence Divergence (MACD) line and signal line have settled below the zero line. This indicates a bearish crossover and may trigger a potential downtrend. Besides, SUI’s Chaikin Money Flow (CMF) indicator -0.05 suggests mild selling pressure in the market, and the money is flowing out of the asset. In addition, the asset’s Bull Bear Power (BBP) reading of -0.0983 signals that the bears currently have the edge, that the price may struggle to push higher. SUI’s daily Relative Strength Index (RSI) found at 39.89 implies that the asset is in negative territory and might approach the oversold zone. Source: https://thenewscrypto.com/bullish-breakout-or-bearish-breakdown-sui-faces-a-key-resistance-test/