SUIUSD Responds to Bearish Pressure Lately

SUIUSD Analysis – April 17

SUI is currently under significant bearish pressure. The sellers are gradually gaining control following a recent attempt to stabilise around the $2.000 market area. The price action suggests that buyers made a recovery from the $1.770 market level. As a result, the overarching sentiment is turning increasingly bearish.

Sui Token Key Levels

Support Level: $1.770 
Resistance Level: $2.000 

Sui Token Long Term Trend Bearish (Daily chart)

This month, buyers have shown some resilience, managing to step away from the $1.770 level. However, the persistent bearish sentiment indicates that sellers could soon resume their downward pressure. It can  drive the price back toward the $1.770 market level. The recent price action has been characterized by an offensive approach from the bulls.

Nevertheless, the sellers are beginning to pull the strings once again. This suggests that the market may be gearing up for another bearish phase. The Bollinger Band indicator is signaling a bearish outlook, suggesting that the price may trend lower in the near term. This contraction indicates that volatility is decreasing, but the likelihood of downward movement remains, especially as the sellers begin to take control. The Stochastic Oscillator supports this bearish sentiment, indicating that sellers are gaining momentum in the market.

SUIUSD Short-Term Trend: Bearish

The outlook for SUI suggests that bearish sentiment may prevail in the short term. The Stochastic Oscillator indicates that sellers are gaining control. Therefore, traders should be prepared for the possibility of price movement back toward the $1.770 support level.

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