The price of SUI has dropped significantly over the past week, falling by 38.13%. In the last 24 hours alone, the price is down 21.51%. However, there is a glimmer of hope as the price is slightly up 1.53% in the past hour. Currently priced at $0.58 per SUI, the token is 61.12% below its all-time high of $1.50. The question now is whether SUI can get back on its feet and start a recovery.
SUI Coin Facing Bearish Pressure
The global cryptocurrency market cap has fallen back below $1.10 trillion, leading to negative trading sentiment across most cryptocurrencies. In particular, the SUI coin has experienced a significant drop of more than 10% in the past 24 hours, with the price falling below $0.70. The asset’s technical analysis suggests a bearish trend, characterized by high selling pressure and buyers struggling to reverse the downward momentum.
Related reading: Cardano (ADA) faces obstacles in reaching key level in June – here’s why
On the 4-hour time chart, the SUI coin is in a downtrend, looking for stable support. It is trading below its short- and long-term moving averages, with the 50-day MA at around $0.837 and the 200-day MA at $1,020. This positioning below the moving averages means a consistent decline in the coin’s price, possibly indicating a lack of buying pressure and weakened market sentiment.
The immediate support level for the SUI coin is at $0.50 while the resistance level is around $0.76. The recent rejection below the resistance level has fueled the downtrend. Furthermore, the Relative Strength Index (RSI) bearish sentiment is confirmed on the 4-hour timeframe chart, with an RSI of 17.9 indicating oversold conditions. There are currently more sellers than buyers, further adding to the downward pressure on the SUI coin.
Partnership with Red Bull Racing: Could it be a catalyst for the SUI Token revival?
The recent multi-year partnership between Sui and Formula 1’s Oracle Red Bull Racing team has the potential to rejuvenate the Sui token price. As Sui becomes the blockchain partner of a renowned and globally recognized racing team, it is gaining notoriety and credibility within the crypto and motorsports communities. This association can drive greater demand for Sui tokens, increasing the value of the token.
The partnership aims to provide engaging digital experiences for racing fans, build a loyal user base and enhance Sui’s reputation. With Red Bull Racing’s previous involvement in the crypto industry, the partnership with Sui signifies a shared interest in exploring the potential of cryptocurrencies and blockchain technology.
Read related: Bleak Dogecoin (DOGE) Social sentiment raises questions about price reversal
While the success of the partnership and its impact on the Sui token price depend on several factors, including market conditions and investor sentiment, this partnership offers promising prospects for the resurgence of the Sui token. Monitoring future developments and market reactions will provide valuable insights into the partnership’s effectiveness in driving the Sui token’s resurgence. At the time of writing, SUI was trading at $0.5904 with a 24-hour price drop of 19.8%.
Featured image from iStock, charts from Tradingview.com
