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The SUI value has continued to say no in the direction of the underside of the chart.
SUI value long-term prediction: bearish
The cryptocurrency reversed upwards and reached a excessive of $2.23. Nonetheless, SUI is now falling after being rejected on the $2.23 excessive and the 21-day SMA barrier. Right this moment, the cryptocurrency has dropped to a low of $1.70 on the backside of the chart.
In accordance with value indications, the cryptocurrency is predicted to proceed its downward pattern. On August 13, the every day chart confirmed a retraced candle physique testing the 38.2% Fibonacci retracement line. This retracement means that SUI will fall to the two.618 Fibonacci extension, or the $1.61 low. In the meantime, the altcoin’s value is steadily dropping in the direction of the projected stage.
Technical indicators
SUI value indicator evaluation
On the weekly chart, the transferring common traces are sloping downwards. The 21-day SMA is beneath the 50-day SMA, indicating a downtrend. On the 4-hour chart, the transferring common traces additionally slope downwards, confirming the downtrend.
What’s the subsequent transfer for SUI?
The 4-hour chart reveals that the SUI value is declining. The cryptocurrency fell as little as $1.70 earlier than recovering. The present upward motion is approaching the $1.80 resistance stage. In different phrases, the value will most definitely fall additional. A break beneath the $1.70 assist stage will sign the continuation of the decline.
Conversely, the bullish pattern will resume if patrons hold the value above the transferring common traces and optimistic momentum continues.
Disclaimer. This evaluation and forecast are the non-public opinions of the creator. The info offered is collected by the creator and isn’t sponsored by any firm or token developer. This isn’t a suggestion to purchase or promote cryptocurrency and shouldn’t be considered as an endorsement by Coinidol.com. Readers ought to do their analysis earlier than investing in funds.
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