SUI Cryptocurrency Drops 1.6% Amid Bearish Trends

SUI, the cryptocurrency, is currently trading at $3.03, reflecting a 1.6% decline over the past 24 hours. Technical indicators and moving averages suggest a bearish trend, with the cryptocurrency trading below key short and mid-term Exponential Moving Averages (EMAs) ranging from $3.12 to $3.51. The 100-day Simple Moving Average at $2.95 serves as the primary support level, making it a critical point to monitor.

Momentum indicators such as the MACD and momentum are also signaling a sell, with the Relative Strength Index (RSI) at 41, indicating that there is still room for further decline before it becomes oversold. The overall trend remains weak unless bullish momentum reclaims the lost EMAs with significant volume.

A trader has expressed concern over SUI's recent performance, noting that it has failed to maintain its support range. The recent price bounce was shallow, and with the price breaking below key levels, there is an expectation of a drop toward $2.10 if other altcoins continue to show weakness. Additionally, the SUI network is set to unlock over 58 million tokens on July 1, which could impact short-term price movements.

Despite the current bearish sentiment, the long-term outlook for SUI remains bullish. One analyst has identified two potential scenarios. On a larger time frame, as long as SUI holds above the $2.90 support zone, the outlook remains positive. This area has historically held up multiple times, and if the correction is complete, a strong third wave up could follow, with a possible target around $10.90. However, there is no confirmation yet that the next major rally has started.

In the short term, SUI is still in a correction phase. It may move higher to $3.50–$3.60, but first, it needs to break above $3.14–$3.15 to confirm the upside. Currently, there is a small uptrend from June 14, and it is still holding. However, if SUI drops below $2.95, it may confirm a bearish trend.

Analysts have projected significant upward movement for SUI, with predictions ranging from $2.34 to $8.18 and an average price of $4.87. The SUI price prediction for this year is $5.00, with next year's prediction at $7.50 and a five-year prediction of $10.00. However, these are forecasts and not actual data.

The SUI token is currently facing a potential 14% correction, with a negative crossover in the MACD and signal lines. This indicates a possible test of the 200 EMA line near $2.83. Despite these bearish indicators, some analysts remain optimistic about SUI's potential for a breakout, targeting $4.20 in a bullish scenario. The network's recovery from the Cetus attack has also contributed to this optimism, with SUI eyeing a $4 breakout.

The broader crypto market is also experiencing volatility, with the upcoming Federal Open Market Committee meeting adding to the uncertainty. The FedWatch tool suggests a 98.2% chance that current rates will remain unchanged, which could lead to reduced market liquidity and investor risk appetite. This, in turn, could result in short-term corrections across the market. The Dow Jones index, which witnessed a slowdown on May 5, is also a cause for concern, with a potential correction ahead if it closes under the $41,000 mark.

Bitcoin, the largest cryptocurrency by market cap, is struggling above $94,000, with a potential downfall to $87,653 based on Fibonacci levels. Ethereum, the second-largest cryptocurrency, is also facing a bearish influence, with a potential correction to $1,577. Other cryptocurrencies like Binance Coin, XRP, Dogecoin, and Solana are also experiencing bearish trends, with potential corrections ranging from 5% to 11%.

Despite the bearish indicators, some analysts remain optimistic about the crypto market's long-term potential. The SUI token, in particular, has shown resilience in the face of market volatility, with its network recovery from the Cetus attack contributing to its bullish outlook. However, investors should remain cautious and monitor the market closely, as the upcoming FOMC meeting and broader market trends could lead to further volatility.