- The SUI price challenges $1 resistance amid a breakout attempt from the month long consolidation with triangle pattern.
- The SUI price faces intact supply pressure at $1 amid a stagnant trend in
- The coin price managed to reclaim the 20-day exponential moving average as an early attempt to restore the recovery trend.
On Thursday, the SUI price witnessed a low volatility trading around $0.97 mark, posting an intraday loss of 0.18%. A short body candle with long wick rejections on either side indicated lack of conviction from buyer and sellers to drive a sustainable move. This uncertainty can be associated with intact geopolitical tension and volatility in Oil prices. As fresh allocation of funds into SUI’s DeFi service is at halt the coin price could prolong its current consolidation trend.
SUI Price Under Pressure as TVL Slips Below $600M
On March 12th, the crypto market recorded a short pullback of 0.83% which pulled its market cap to $2.4. Similarly, the Bitcoin price struggled to sustain above the $70,000 mark as renewed geopolitical tension puts constant pressure on risky assets.
Thus, SUI price faces supply pressure at $1 mark, evidenced by the long-tailed rejection in daily candle. Along with price pullback, the Total volume locked on SUI experienced a 8.6% drop today to reach $589 million. Since early February, the TVL value has been wavering around the $600 million mark indicating stagnating liquidity in the ecosystem and reduced investor participation amid the ongoing market correction.
Data from the latest derivatives analysis shared by trader eye zen hour exposes some interesting liquidation clusters for SUI. Approximately $23 million in short positions are threatened with closure if the asset moves to about $1.15. In contrast, about $29m in long positions is vulnerable around $0.72.
On Binance, the distribution between long and short exposures seems relatively even at this time. Short-side liquidity is skimpy beyond that up to $1.20, which sets up with more pressure building from above current trading level.
A move into the $1.12 to $1.15 range could trigger cascading closures of shorts which would lead to automatic buying which could fuel rising momentum. The analyst points to monitoring Ethereum and Bitcoin performance with Bitcoin dominance as a possible indicator for the shift in altcoin activity as a whole.
SUI Price Challenges $1 Resistance as RSI Enters Bullish Territory
Over the past month, the SUI price has been consolidating in a narrow range led by two converging trendlines of a symmetrical triangle pattern. In the daily chart, the coin price showed several rebounds from the dynamic resistance and support, suggesting the strong influence of this pattern on SUI.
If the sellers continue to defend the overhead trendline at $1, the SUI price could revert 13.7% and retest the pattern’s bottom trendline, extending the ongoing consolidation.
However, the momentum indicator RSI (Relative Strength Index) surged to 52% suggesting a restoring bullish momentum in the market.
Therefore, if the buyers manage to regroup and breach the overhead trendline, the SUI price could kickstart a fresh recovery trend. The post-breakout rally may drive the coin price another 33% up to test the significant resistance at $1.3.
GoogleNews