SUI Price Slips as Rally Loses Steam Post 27% Upswing

Key Takeaways

• SUI surged by 27% in the first two weeks of April, driven by rising buying pressure.
• The CMF recently dropped below the zero line, signaling a weak buying momentum.
• The Supertrend has turned bearish, with the trend showing that SUI could drop to $1.92.
• Interested in buying or selling SUI coin? Read our review of the best exchanges to buy and sell SUI.

Like many other assets in the market, Sui’s (SUI) price faced a prolonged correction during the first quarter of the year. But within the first 14 days in April, the altcoin experienced respite.

As a result, SUI’s price has increased by 27% within the last seven days. This price increase was due to favorable macroeconomic conditions and rising buying pressure.

However, with a new week already here, it appears that the SUI rally could be fading.

Here is what could be next if buying pressure fails to intensify as it was last week.

SUI Bullish Momentum Cools Off

Since Jan. 22, SUI’s price has been trading downward, falling to form higher highs or holding a rally. But things changed last week after the altcoin broke out of the falling trendline on the daily chart.

Amid this shift in trend, SUI reclaimed the $2 mark. The Chaikin Money Flow (CMF) crossed above the zero signal line, which is in line with the price increase.

The rise in the CMF reading indicates an increase in buying pressure. This helped SUI’s price hold its ground above the upper trendline.

However, as of this writing, the CMF reading has dropped below the zero signal line.

This indicates that buying pressure is fading, and sellers are taking control. If sustained, SUI’s price risks falling below $2.

SUI Price Analysis: Dip Likely to Extend

Furthermore, this sentiment is also reflected in the Supertrend indicator. The Supertrend helps identify the market’s direction and potential entry or exit points.

Looking for a safe place to buy and sell SUI? See the leading platforms for buying and selling SUI.

It is based on the Average True Range (ATR) to determine volatility and uses a combination of price and ATR to plot a dynamic line on the chart, acting as a support or resistance level.

When the Supertrend line is below the price, it signals an uptrend. However, when it is above the price, it signals a downtrend.

As of this writing, the red line of the Supertrend has risen above SUI’s price, indicating that the token faces a potential sell signal near $2.65.

Should the green line of the indicator fail to show up below the market value, the next target for SUI could be a drop to the $1.92 support.

In a highly bearish scenario, the price could drop to $1.60. On the flip side, if the price crosses above the Supertrend line, the trend might change.

If that were to happen, SUI’s market value might climb to $2.49 at the 0.236 Fibonacci level. Should buying pressure increase, the price might retest $3.