CandleFocus SUI Bears Tighten Grip, 19% Price Drop on the Horizon
2024-10-24
Author: Content Editor
The native token of the Layer-1 Move-programmed blockchain, SUI, reached an all-time high of $2.36 on October 12 but has faced significant selling pressure preventing it from moving higher since then. The token has broken below the lower line of a rising parallel channel it traded within for over a month, signaling a potential bearish reversal or weakening of the upward trend. The Aroon Up Line, an indicator of trend strength and direction, is also in a downward trend, indicating a transition from a strong uptrend. SUI is currently trading at $2.02, with the next key support at $1.91 and a potential further decline to $1.64. However, a resurgence in demand for the altcoin could invalidate the bearish outlook and potentially result in a rally beyond its previous high.
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