- SUI is hovering above a key $3.06 help, with Elliott Wave analysts warning of a possible drop to $2.72–$2.09.
- RSI and MACD indicators level to rising bearish momentum with no clear indicators of reversal.
- Quantity stays low, and repeated failed breakouts recommend sellers are nonetheless in management.
The SUI token, which powers the Sui Blockchain, may be in for a slide if it will probably’t grasp on to that $3.06 help stage. In accordance with Elliott Wave evaluation from @MoreCryptoOnline, the worth has been caught beneath $3.38, which appears to be a stiff resistance for now. If help offers manner, we could possibly be wanting at the beginning of wave (5) in what seems to be a bigger corrective wave (c).
After hitting its peak again in Might, SUI’s been sliding in what analysts assume is a corrective sample. The chart additionally exhibits a bunch of Fibonacci ranges clustering across the $3.06 space. If that cracks, the subsequent security internet lies someplace between $2.72 and $2.09 — not precisely a small drop.
Bearish Alerts from RSI and MACD
The indications aren’t providing a lot consolation both. On the every day chart, the RSI sits round 42. That’s a bit low and means that momentum is drifting towards the bears. If it retains dropping, that’ll in all probability affirm a continuation of the downtrend earlier than we see any actual bounce.
Over on the MACD, it’s extra of the identical. There’s a bearish crossover in play, with the MACD line underneath the sign line and crimson bars stacking on the histogram. It’s a fairly textbook search for a downtrend continuation.
No Actual Quantity Shift or Restoration Indicators But
One other crimson flag? The value chart is making decrease highs and decrease lows — a fairly clear sample of a downtrend setting in. SUI’s failed try to crack $3.38 in Might solely added to that promoting strain, and there hasn’t been a lot follow-through on quantity both. With no spike in shopping for curiosity or an enormous reversal candle, there’s not a lot to say a turnaround’s coming simply but.
For now, holders and merchants alike are in all probability watching $3.06 like a hawk. If that stage breaks, issues might get messy.