Although the token resurged from lower levels with the liquidity
Why SUI Failed To Elevate Its Price Higher?
From the last quarter of 2023 to the first quarter of 2024, the price displayed magnificent gains of 490%. The run began from $0.3694 to $2.1851.
However, Since the end of March, and while entering the second quarter of 2024, the SUI token price violated the uptrend significantly. The lower-low spree reduced its gains by 80%, marked by consistent profit-taking by bears.
Over a further look, The sharp decline from a swing high of $2.1816 to its current traded price of $0.7669 spanned 161 days.
SUI Token Daily Price Chart | Source: TradingView
Although the token resurged from lower levels with the liquidity grab on August 5th, it struggled to maintain upward momentum. The price is in the final month of the third quarter of 2024, and yet the price stayed in bear grasp.
This price action behavior underscores the ongoing uncertainty and bears selling pressure within the market.
Despite the bearish scenario, there remains the probability of a bounce back. If SUI can break above the $1.0 level sustains, it could trigger some bullish candles.
However, the market remains cautious, and SUI needed to overcome key resistance levels or Change of character (CHoCH) above $1.0 to signal a more substantial recovery.
From the last quarter of 2023 to the first quarter of 2024, the price displayed magnificent gains of 490%. The run began from $0.3694 to $2.1851.
However, Since the end of March, and while entering the second quarter of 2024, the SUI token price violated the uptrend significantly. The lower-low spree reduced its gains by 80%, marked by consistent profit-taking by bears.
Over a further look, The sharp decline from a swing high of $2.1816 to its current traded price of $0.7669 spanned 161 days.
SUI Token Daily Price Chart | Source: TradingView
Although the token resurged from lower levels with the liquidity grab on August 5th, it struggled to maintain upward momentum. The price is in the final month of the third quarter of 2024, and yet the price stayed in bear grasp.
This price action behavior underscores the ongoing uncertainty and bears selling pressure within the market.
Despite the bearish scenario, there remains the probability of a bounce back. If SUI can break above the $1.0 level sustains, it could trigger some bullish candles.
However, the market remains cautious, and SUI needed to overcome key resistance levels or Change of character (CHoCH) above $1.0 to signal a more substantial recovery.
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.