Sui Price Faces Challenges, Drops 3.25% in the Last 24 Hours
The price of Sui continues to face headwinds, dropping 3.25% in the last 24 hours to $3.72 and losing 4.63% over the past week. The market cap has slipped to $13.09 billion, while the 24-hour trading volume plunged 37% to $1.32 billion. Sui traded between $3.63 and $3.88 during the session, reflecting investor caution after a broad cryptocurrency market selloff.
Broader market conditions are also weighing on sentiment. U.S. CPI data showing 3.3% annual inflation caused a 1.5% crypto market drop and $1.05 billion in liquidations. For Sui, short liquidations of $119k exceeded long liquidations of $14k, underscoring bearish positioning. Sui’s futures open interest declined 9.2% to $1.79 billion, while funding rates normalized to 0.0083% after peaking in July.
Sui Price Analysis:
Sui attempted a breakout above the $3.57 Fibonacci level on August 15 but failed to hold momentum, triggering stop-loss orders and accelerating its decline. The rejection near the 30-day SMA at $3.79 and a negative MACD histogram at -0.0026 confirm fading bullish momentum. On the 4-hour chart, RSI has slipped to 44, suggesting a bearish tilt in the near term.
The Sui technical outlook shows price consolidating at $3.72, which aligns with the 61.8% Fibonacci retracement. A clean break below this level risks a move toward $3.52, the 78.6% Fib support zone. Any recovery attempt faces resistance at $3.85 and $4.07, where prior selling pressure emerged. A decisive move above $4.07 could shift focus to the $4.75 zone.
If Sui price holds the $3.72 support, it may consolidate before retesting $3.85 and $4.07. A breakdown, however, would likely accelerate selling toward $3.52, making this a critical zone for traders to watch.
FAQs:
Why is Sui price down today?
U.S. inflation triggered risk-off sentiment, with crypto liquidations hitting $1.05B. Sui dropped 3.4% as traders cut exposure to altcoins.
What are the key Sui support and resistance levels?
Immediate support is at $3.72, followed by $3.52. Resistance lies at $3.85 and $4.07.
What is Sui price today?
Sui price today is at $3.72 with an intraday change of -3.25%.
Overall, Sui price is facing challenges in the current market environment, with bearish momentum and broader market conditions impacting its performance. Traders should closely monitor key support and resistance levels to gauge potential price movements in the near future.