As a seasoned crypto investor with battle scars earned from navigating countless market cycles, I can’t help but feel a mix of excitement and caution when analyzing Sui’s current price action. The impressive run over the past month has been nothing short of remarkable, but the recent signs of buyer exhaustion and the impact of the CPI report have me taking a closer look at my SUI holdings.
In the past month, SUI’s price performance has been impressive. Lately, though, there are indications of buyer fatigue as it reached a significant resistance and a fresh record high. After surging 182% since early September, SUI has experienced a drop of 16%. Yet, is this merely a pullback or a full-fledged correction?
Yesterday’s release of the U.S. Consumer Price Index surpassed predictions, leading me to observe a subsequent decline in crypto prices. Notably, Bitcoin dipped below $60,000 as a result. This downward trend had a further detrimental impact on SUI, exacerbating its already vulnerable state.
Exchange Netflows Signal Sui Price Correction
Based on data from Coinglass, there have been substantial inflows of SUI coins to exchanges for the last two weeks, potentially indicating that owners might be looking to sell. Notably, Coinbase and Binance received the majority of these coins, amounting to approximately $15 million and $12.55 million respectively. Interestingly, as of October 7, the Sui price started to weaken, followed by a downward trend in subsequent days.
The excessive amount of coins entering the market has unsettled traders because it’s seen as a warning sign for a potential price decrease. The mood surrounding SUI is becoming more pessimistic, as indicated by the Coinglass Crypto Derivative Visual Screener. Both the price fluctuations and open interest of SUI have shown a downward trend, hinting that traders are liquidating their profitable positions unsuccessfully and are now closing their long positions at a loss. In such cases, traders often decide to go short, which is another indication that the price of SUI might fall even further.
The imbalance on the Coinglass Liquidation Map, indicating that the Cumulative Short Liquidation Leverage surpassed the Longs, suggests a strong bearish outlook in the SUI market. This is likely due to traders expecting more downward movement in the value of the asset.
The price of SUI is down 4% in the last 24 hours and is trading at $1.80. Technical analysis for SUI points to the possibility of a 40% crash in the coming days if the market conditions remains the same.
Sui Price Analysis: Will SUI Crash to $1?
Looking at the SUI’s 12-hour chart, there seems to be a developing downtrend, hinting at a possible substantial drop in price. Previously, the price was consistently following an orderly uptrend, but it has recently fallen below this trendline, which is often a sign of a bearish shift or reversal.
A break below a rising trend line suggests that the bullish energy is dwindling, giving way to stronger seller influence. Furthermore, when large, dark candles appear after a light one, this pattern known as ‘bearish engulfing’ indicates that sellers have taken charge.
As a researcher, I’m projecting a notable downturn that might lead to a decrease of approximately 43.44%. This decline seems likely to reach the psychologically significant level of $1.00. If the bearish trend continues to strengthen, this floor could potentially act as a support.
The critical point for potential reversal or recovery lies at $1.00. If this level isn’t maintained, there might be additional price drops.
After a price drop, the $2.00 mark could serve as a significant barrier for further increase due to being the midpoint of the broken trading channel. If the price starts climbing again, this level might act as a powerful obstacle. However, if the bulls successfully drive the SUI price back within the channel and beyond the $2.00 resistance, it would suggest a strong market momentum. In such a case, Sui could soar past its previous high of $2.2 and enter an uncharted price territory.
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2024-10-11 11:07