SUI/USDT 1H Analysis - 16/10/2024
On the 1-hour chart, the SUI/USDT price is currently at 2.0053 USDT, down 9.41% over the past 24 hours. The 24-hour trading volume is 181.39 million SUI, equivalent to 384.03 million USDT.
Technical Analysis:
• MA lines:
• MA(7) is at 2.0236, indicating that the price is below this average, indicating a short-term downtrend.
• MA(25) and MA(99) are at 2.1165 and 2.1831, respectively, also above the current price, indicating that selling pressure is still dominant.
• MACD indicator: Currently, the MACD line is below the signal line with a value of -0.0043, indicating that the downtrend is still dominant. The histogram is also in the negative zone, reinforcing the negative signal.
RSI:
• RSI(6) is 34.1975, close to the oversold level (30).
RSI(12) and RSI(24) are 36.1434 and 39.5303 respectively, also showing that selling pressure is still high but has not yet entered the oversold zone.
Conclusion:
The short-term trend of SUI/USDT is still bearish, with selling pressure dominating. However, if the RSI continues to decline and reaches the oversold zone, a short-term recovery may occur. Investors should be cautious and monitor further signals to make appropriate trading decisions.$SUI
