$SUI/USDT Technical Breakdown: Oversold Signals Amid Downtrend Pressure.
$SUI has been under notable selling pressure recently, currently trading around $0.897 (down ~5.3% in the last 24h), with the price breaking below key short-term supports.
Key observations from the 15m–1h–4h–1D charts on Binance:
Supertrend (10,3) is firmly bearish at ~0.928, acting as dynamic resistance overhead. Price is trading well below it, confirming the short-term downtrend continuation.
Recent candles show a sharp rejection from the 0.95–0.98 zone (24h high 0.9528), forming lower highs and lower lows — classic bearish structure.
RSI(14) sitting at 29.36 — deeply oversold territory (<30). This level often precedes short-term relief bounces or exhaustion selling, especially when combined with divergence potential on higher timeframes.
MACD remains negative: DIF -0.012, DEA -0.0094, histogram contracting but still red. No bullish crossover yet, signaling momentum is still with the bears.
Volume profile shows declining buying interest on rebounds, with 24h volume at ~30M SUI — respectable but not enough to reverse the broader correction.
Support to watch closely:
Immediate: 0.889–0.893 (recent low + green dotted line zone)
Deeper: 0.85–0.87 if breakdown occurs (potential next Fib extension).
Resistance:
First hurdle: Supertrend ~0.928
Stronger: 0.945–0.96 (previous swing area)
Overall bias: Bearish short-term until we see RSI reclaim 40+ and a MACD bullish flip. However, the extreme oversold RSI could set up a mean-reversion bounce if volume picks up on the dip — worth monitoring for scalps or counter-trend entries with tight stops below 0.889.
SUI remains a strong Layer-1 narrative play long-term, but near-term patience is key. What’s your view — expecting a relief rally or further downside?
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