$SUI Price Analysis – 1-Hour Timeframe

Current Price: $2.01 (-0.01%)

Sui (SUI) has seen a slight decline of 0.01% in the last hour, currently trading at $2.01. The chart shows a downtrend after an initial peak at $2.05, followed by a series of lower highs and lower lows, suggesting bearish sentiment in the short term.

Key Technical Indicators:

1. Trend: The chart reflects a downward trend from the high of $2.05, indicating that selling pressure has dominated the market, leading to a steady decline in price.

2. Support & Resistance Levels:

• Immediate Resistance: The recent high at $2.05 acts as resistance, and a break above this level would be needed to signal a potential reversal.

• Immediate Support: Around $2.01, which is currently being tested, could act as a support level. A break below this may lead to further declines.

3. Momentum: The consistent drop in price, with minor attempts to push upward, reflects weak momentum on the buy side. This pattern suggests that sellers are in control, at least in the short term.

Technical Outlook

If SUI can hold above the $2.01 support level, it may consolidate before another attempt to rise. However, a break below this support could indicate further downside potential. Conversely, a move above $2.05 could shift momentum back in favor of buyers.

SUI is experiencing a short-term bearish trend, with potential for further declines if it fails to maintain the $2.01 support. Watching the resistance at $2.05 and support at $2.01 will be essential to gauge the next move for SUI. #USJoblessClaimsDip #CryptoPreUSElection #BTCETFDemandSurge #BinanceBlockchainWeek