Sui (SUI) price extends its decline, trading below $4.37 on Thursday after rejecting from its ascending trendline in the previous day.
Sui ’s price closes below its ascending trendline, indicating a correction ahead. The technical outlook suggests a pullback as momentum indicators show signs of weakness. Coinglass data shows that SUI’s long-to-short ratio reached the lowest level in over a month, reflecting a bearish sentiment. Sui price extends its decline, trading below $4.37 on Thursday after rejecting from its ascending trendline in the previous day.
If SUI continues its pullback, it could extend the decline by 14% from its current levels to retest its 200-day Exponential Moving Average at $3.75. A successful close below could extend an additional decline to test its next support level at $2.96, crashing 30% from its current level. The Relative Strength Index on the daily chart reads 45, below its neutral level of 50 and points downwards, indicating strong bearish momentum.
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