Sui Cryptocurrency Shows Bearish Signs as Market Weakens

San Francisco, CA – Sui (SUI) continues to face challenges in the market, trading below $3.60 as of Tuesday. The cryptocurrency has slipped beneath a key support level, indicating a potential bearish trend ahead.

On-chain data reveals troubling signs for SUI, as its Spot Taker Cumulative Volume Delta (CVD) has turned negative, reflecting a dominance of selling pressure. This metric highlights the cumulative difference between market buy and sell volumes over the past three months, and the current trend suggests a Taker Sell Dominant Phase.

On Monday, SUI closed below an ascending trendline formed by connecting multiple lows since mid-June. The price also dropped below its daily support of $3.65 and the essential 61.8% Fibonacci retracement level of $3.62, marking a shift in market sentiment from bullish to bearish.

As of Tuesday, SUI’s price trades at approximately $3.56. Analysts warn that if the decline continues, the price may extend toward the daily support at $3.33. A close below this threshold could lead to further losses down to $2.90.

The Relative Strength Index (RSI), now reading 45, indicates bearish momentum, while the Moving Average Convergence Divergence (MACD) crossed over into bearish territory on Friday, signaling a downward trend ahead. However, should SUI recover and close above the daily resistance at $3.65, it could potentially rally toward the previous high of $4.18.

Market observers continue to monitor the situation closely as the cryptocurrency landscape shifts.