SUI continues to show a short-term weak trend, drawing market attention. Currently, SUI is trading at $3.03 (approximately 4,212 won), down 1.6% from the previous day, with most technical indicators signaling a decline. It is fluctuating below the short-term and medium-term moving averages (EMA) of 10, 20, 30, 50, and 100 days, technically indicating a continued weak phase.
On the daily chart, the 100-day simple moving average (SMA) at $2.95 (approximately 4,101 won) is currently the only short-term support line. If this point is breached, the possibility of further decline increases, making it a critical short-term turning point. The MACD and momentum indicators continue to maintain sell signals, while the RSI (Relative Strength Index) is at 41 and has not yet entered the oversold territory. Analysis suggests the downward trend may continue unless buying pressure emerges.
One trader noted SUI's failure to maintain its core support line and potential for further decline, mentioning it could drop to $2.10 (approximately 2,919 won) if it continues to adjust with other altcoins. Additionally, the scheduled token unlock event of 58 million SUI tokens on July 1st is expected to increase selling pressure in the short term.
Despite this, the long-term outlook receives some support. An analyst suggested that as long as SUI maintains the 78.6% Fibonacci retracement support line at $2.90 (approximately 4,031 won), a medium to long-term upward trend could restart. If this range is maintained, a strong upward wave could occur, potentially rebounding to as high as $10.90 (approximately 15,151 won). However, the full initiation of an upward trend has not yet been confirmed.
In the short term, SUI remains in a correction phase and would need to break through the 3.14-3.15 dollar range to gain upward momentum towards 3.50-3.60 dollars. While a slight upward trend has been ongoing since June 14th, falling below $2.95 could be considered a signal of a significant downward reversal. Investors should closely monitor the support line and observe the short-term trend's direction.
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