Sui token has factored in a 3.79% price dip in the last 24 hours resulting from the market crash.
The altcoin recently hit its PATH of $4.47 on December 6 as per CMC data.
In the last 24 hours, the cryptocurrency market has witnessed a notable price dip due to increased liquidations. Bitcoin has slid to the $96K level and other cryptocurrencies also recorded losses. However, in the past few hours, market prices have shown signs of recovery. Other divisions of the crypto industry have also shown increased activity today.
Notably, Sui Network’s native token, SUI also saw price dips today, just a few days after hitting a new ATH. The altcoin has factored in a 3.79% decline and is currently trading at the $3.8 level. In the Asian afternoon hours of December 9, the cryptocurrency was trading at a high of $4.27.
However, due to a bearish takeover, SUI slipped back to the $3 range. At the time of writing, the token was trading at $3.83 as per CMC data. Moreover, last Friday, SUI, as aforementioned, hit its new ATH at $4.47. This bullish rally has now faced the struggle to maintain its upward momentum in the past day’s market crash.
Zooming out, over the past week, SUI still shows a bullish chart with a 2.07% price increase. Its previous cycle began at a low of $3.06 to current levels. The cryptocurrency, in the past hour, has begun showing recovery signs and might manage to reestablish its bullish dominance.
Will SUI Price Re-Establish Bullish Dominance?
Data from technical indicators and price movements predict positive results for the SUI token. On analyzing its price movements inclusive of the present dip, SUI still shows an ascending channel pattern. This pattern otherwise known as a rising channel indicates upward movements in the coming days.
Furthermore, SUI’s bull power indicator value stands at 4.91 as per TradingView data. Meanwhile, its bear power indicator’s value lies at -1.45 highlighting its recovery from the short-term dip. Additionally, the increased liquidations have not pushed the altcoin to a selling situation as indicated by the RSI value of 58.11.
Meanwhile, as aforementioned, other cryptocurrencies such as XRP and Solana are showing moderate upward movements. This can be interpreted as an attempt at recovery.
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