If the current technical setup is any indication to follow, Sui (SUI) could see its price drop below $2. On October 14, the token of the Layer-1 Move-programmed blockchain reached a new all-time high of $2.36.
Technical indicators suggest that Sui (SUI) price might drop below $2. A 4-hour chart analysis shows that SUI is approaching a crucial support level at $2.03. If the price drops below this zone, a significant downswing could follow.
Additionally, the Bull Bear Power (BBP) has turned negative, indicating that bears are pushing the price lower. The daily chart also aligns with the bearish bias, with the Moving Average Convergence Divergence (MACD) dropping to the negative region.
A close below the lower trendline of the ascending channel on the 4-hour timeframe could put SUI at risk of dropping by 10%. In a highly bearish scenario, the altcoin might drop as low as $1.64.
On the other hand, if bulls manage to push the price to the upper trendline of the channel again, this prediction might be invalidated, and SUI might rise by 20% to $2.36.
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