SUI Token Tests Key $3.06 Support as Bearish Indicators Emerge
SUI’s price is hovering NEAR a critical support level at $3.06, with multiple technical indicators signaling potential downside risk. A sustained break below this level could trigger intensified selling pressure, possibly pushing the token toward $2.72 or even the $2.00 psychological level.
Elliott Wave analysis indicates the current decline may represent wave (5) of a broader corrective pattern. The $3.06 support zone aligns with significant Fibonacci retracement levels, creating a pivotal technical battleground between buyers and sellers.
Daily chart analysis reveals weakening momentum, with the RSI at 42.33 and MACD showing bearish divergence. Traders are monitoring this key level for either a breakdown confirming further declines or a bullish reversal.
