Sui (SUI) Joined the Broader Crypto Market Bloodbath Over the Weekend, Plunging by 20%

Sui (SUI) joined the broader crypto market bloodbath over the weekend, plunging by 20% in the last 24 hours.

Key Takeaways:

* Sui (SUI) has joined the broader crypto market bloodbath, plunging by 20% in the last 24 hours.

* The sharp downturn, which has affected a wide range of digital assets, has prompted some industry leaders to label today as ‘Black Monday’ — drawing parallels to the infamous 1987 stock market crash on Wall Street.

* As of press time, SUI’s price has dropped below $2 and is trading at its lowest point since October 2024. With traders panic selling and several indicators flashing red, SUI now teeters on the edge of potentially more profound losses.

Sui (SUI) has joined the broader crypto market bloodbath, plunging by 20% in the last 24 hours.

If sustained, SUI’s price might not recover in the short term and risks falling below the underlying support.

In addition to this, the Bull Bear Power (BBP) measures the strength of bulls (buyers) compared to bears (sellers), and has dropped to the negative zone.

One implication of the BBP dropping below the zero level is that bears are in control. Should this trend remain the same, SUI’s price might undergo an extended correction.

SUI Price Analysis: Not the Bottom

In line with the MFI signal, the Relative Strength Index (RSI) also shows that SUI is nearly oversold. The RSI uses the speed and size of price changes to measure momentum.

Like the MFI, the oscillator also shows if the asset is overbought or oversold. Ratings below 30 indicate oversold positions while those above 70 signify overbought levels.

As of press time, the RSI on the SUI/USD daily chart stands at 31.69, indicating bearish momentum. Should this remain the case, SUI’s price might drop below the 0.236 Fibonacci retracement level.

If validated, the token’s value could slide below the $1 mark. In a highly bearish scenario, the cryptocurrency’s price might collapse toward $0.45.

On the flip side, if the crypto market attracts fresh liquidity, SUI’s price might rebound. In that scenario, the value might jump to $2.34.

If the broader market improves by a great mile, this target could be higher, and SUI might no longer be in a bearish phase.

If that happens, the altcoin might surge to $3.49 at the 0.618 Fibonacci ratio.