Sui Network’s (SUI) dalliance with recovery seems to wane, as with a knock-back from the lower descendent trendline, the bag-holders are left ruminating – Is the Sui Blockchain zooming towards zero? The encouraging 40% recovery rally, spurred by a bounce off the lower trendline support on August 17, watched the SUI price soar over a week to reclaim the 20DMA and strike a local peak at $0.60. Despite the SUI token grappling in the erratic market conditions, its layer-1 technology designed for faster smart contracts sees exponential growth and development. The Sui blockchain continues to grow, almost doubling its active accounts in the past week.
Fumbling with the rejection, SUI still manages to trade high in the channel, standing at a current market price of $0.52, showcasing a 24-hour change of -3%. This happened post two unsuccessful attempts at the topside resistance from the upper trendline that has proved a shadow to the price action since June. The recent downfall plunges SUI below the very recently reclaimed 20DMA, hinting at a dwindling technical structure in the short-term, suggesting the likelihood of downward movements. Even more concerning, the SUI’s declining range seems to form a bearish pendant pattern.
However, SUI’s indicators offer some respite, with the RSI showing an oversold signal at 42 – hinting at the possibility of an upward thrust. This is mirrored by the MACD, which illustrates a bullish divergence at 0.0028, again, suggesting a bounce back’s potential. The combined double turndown from the upper trendline, along with the loss of 20DMA support, might spell a potential disaster for SUI’s price actions on the short-term frame. With a weaker technical structure, SUI’s risk: reward ratio of 2.19 could be a surprisingly solid entry for investors.
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Source: Cryptonews
