Sam_TCR

ecently witnessed dips in BTC

Long
The SUI has followed the decline of BTC on the daily chart, in the last seven days from June 11th price-performance was bearish. The BTC Declined by -5.85%, while SUI also followed the lead and degraded by -16.25 %.
At press time, SUI traded at $1.0130 with -a 1.98% dip, while, BTC at $67659 with an -2.65% intraday fall. BTC appears to be approaching the $66150 defense line, if it breaks, the SUI could also lose the $0.90 support level. As Bitcoin happens to be the number 1 crypto by market cap, it impacts the broader market sentiments as well.
Upon observing the SUI chart, it's evident that the price trend was upward until March 27th, experiencing a substantial increase. However, the trend reversed on March 28th, as the price entered a correction phase, forming what seems to be a falling wedge pattern. Since breaking out of the wedge, SUI has been consolidating within a range.

Analyst Jonathan Carter shared an optimistic tweet about a theory regarding the SUI price. He suggested that if the price broke out of the consolidation range, the short-term target could be $1.45, with additional targets at $1.72, $1.95, and $2.15.

However, recently witnessed dips in BTC (7-day performance), if BTC continues to fall, the SUI asset could drop to $0.90, potentially leading to further declines to $0.75, $0.60, and $0.50.
Overall, technical indicators are bearish due to the influence of BTC. The 50-day and 200-day EMAs are exerting downward pressure on the price.


Additionally, the MACD histogram is narrow and below the zero line, while the RSI flashed at 41.96, below the median line, and facing rejection from 14-SMA at 47.19.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.