SUI price is hanging on a thread as it rests on a major support level
- SUI has printed a loss over the past 24 hours according to CoinMarketCap.
- At the time of publication, the altcoin was holding a key support level at $1.1181.
- Technical indicators indicated that SUI price will soon flip a support level into a resistance level.
Sui (SUI) was one of the many cryptocurrencies in the red today according to crypto market tracking website CoinMarketCap. At press time, the altcoin price is settling at $1.12 after declining by 1.35% in the past 24 hours.
In addition to weakness against the dollar, SUI’s price also fell against market leaders (BTC) and (ETH). As a result, it is down 1.35% against BTC and 1.65% against ETH. Moreover, the cryptocurrency was trading near a daily low of $1.11.
4-hour chart for SUI/USDT (Source: TradingView)
At the time of publication, SUI price was consolidating near the key support level at $1.1181, and technical indicators indicate that it will turn support into resistance in the next 24 hours. The 9 EMA line on the 4-hour chart has traded lower below the longer 20 EMA line. In addition, the RSI line was trading lower below the RSI SMA line.
This downward move appeared to be coming to an end, as the RSI line was looking to cross above the RSI SMA line. If this crossover occurs, it would indicate that the bulls have successfully defended the support level.
Given the fact that SUI was trading below its 9 and 20 moving average lines on the 4-hour chart, traders may want to wait until it regains a position above the two exponential moving average levels before entering a long position. On the other hand, a drop of SUI below $1.1181 would be a signal to sell the altcoin, as its price is likely to drop to $1.0768.
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The posted SUI price appeared hanging on a thread as it bottomed out at a key support level for the first time in the Coin release.