SUI 30%
Rally Fades
with Indicators Hinting
at Deeper Decline
The Sui (SUI) token price, which increased by 30 within the last 30 days, has
now dropped from the $3 mark, threatening newly accumulated gain. Yesterday,
November 12, SUI price rallied to $3.30 .
However, as of this writing, the altcoin’s value has dropped to $2.97. While
holders might be hopeful that the SUI will shake off this decline, this
analysis suggests that it could take some time before that happens.
Metrics Turn Bearish for SUI
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Sui’s price decrease is in line with the broader market correction as the
crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта takes a breather following more than a week of gains. Based on
BeICrypto’s findings, this decline could be linked to profit-taking from
holders. However, there are other reasons for the slump.
Firstly, the Open Interest (OI), which measures the level of speculative
activity around a cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта, jumped to 644.30 million on November 10.
Today, the same value has tanked to $493.53 million.
Typically, the OI helps to confirm a trend s strength. For context,
rising open interest typically reinforces the trend, while declining open
interest may indicate that the trend is weakening. Further, the significant
decline in OI for the Sui token appears to be a key reason why the uptrend has
recently lost momentum.
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Sui Open Interest. Source: Santiment
Besides the drop in OI, the Weighted Sentiment has dropped to the negative
region. This metric tracks if there is a high level of mention around a
blockchain• Информационные технологии » Информационно-коммуникационные технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн
• Высокие технологии » Информационные технологии и телекоммуникации » Базы данных » Публичная база транзакций » Блокчейн or cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта. When it spikes to positive territory, it means
that most remarks about the token are positive.
However, in this case, the decline implies that most comments about SUI are
pessimistic. If this remains the same, the altcoin might find it challenging
to see increased demand. Also, a decrease in demand means the Sui token price
might fail to register a significant bounce. Sui Weighted Sentiment. Source:
TradingView
SUI Price Prediction: Further Fall Possible
From a technical perspective, the 4-hour chart shows that the Bull Bear Power
(BBP) reading has dropped to the negative region. The BBP is a technical
oscillator that measures the strength of buyers and sellers across various
timeframes.
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When the reading is positive, it means that bulls have more buying power , and
prices can increase. However, that is not the case with the SUI token price.
Specifically, the drop in the reading indicates rising selling pressure by
bears.
Should bears continue to sell, the SUI token price could decline further.
Using the Fibonacci retracement indicator, the altcoin’s value might drop to
$2.26 as long as selling pressure intensifies. Sui Daily Analysis. Source:
TradingView
On the other hand, if SUI sees a notable rise in buying pressure, that could
change. In that scenario, the token could bounce to $3.34.
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Disclaimer
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informational purposes only and should not be considered financial or
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