SUI Faces Critical Short-Term Risk at $1.40 While Long-Term Charts Signal Recovery
SUI remains entrenched in bearish territory, with its price hovering NEAR the $1.40 support level during January 28 trading. The token's inability to reclaim positions above key moving averages underscores persistent selling pressure, despite nascent signs of a broader recovery trend.
Technical indicators paint a cautious picture. The 20-day and 50-day moving averages languish below their 100-day and 200-day counterparts, forming a descending hierarchy that confirms bearish dominance. Recent rebound attempts have faltered at the $1.55-$1.65 resistance zone, where multiple declining averages converge.
Market watchers note tightening Bollinger Bands with price action hugging the lower boundary—a classic distribution pattern suggesting weak demand. A daily close below this level could trigger cascading liquidations toward $1.30, with $1.20 emerging as the next psychological battleground.
The Relative Strength Index's reading of 35 confirms anemic buying interest. Yet beneath the surface, some traders detect potential for reversal—should macroeconomic conditions improve or Bitcoin's dominance wane, SUI's oversold status may attract contrarian bids.
