SUI downhill movement enters a new level. It dipped below $3 again as selling pressure increased in the last four hours.
The coin started Friday at $3.13 and enjoyed notable buying pressure, resulting in a climb to $3.40. It faced massive rejections after peaking and sinking lower. It trades at $2.92, almost 7% lower than its opening price.
SUI and the rest of the crypto market are experiencing a massive decline as negative fundamentals flood the market. On Friday, Donald Trump announced plans to impose tariffs on several countries, calling his latest endeavor a ‘reciprocal tariff.’
It is worth noting that the United States President’s announcement of extra duties on imports from Canada, Mexico, and China worsened the selling pressure across the market. His latest action sees several assets gradually approach Monday’s low.
Sui’s latest decline marks its fourth day of consistent selloffs. The decline started on Tuesday as the coin experienced massive resistance to its bid to continue the previous day’s uptrend. It printed a doji but saw more selling pressure the next day. It lost over 7% and almost 6% on Thursday.
The altcoin has lost 20% since the second day of the week and shows signs of further downtrends. Several indicators are negative at this time.
SUI is Almost Oversold
Sui’s four-day downhill movement has seen a record of massive outflows. It is experiencing one of its most significant selloffs. The relative strength is on a downtrend due to the spike in selling pressure. The same reading is also present in the accumulation and distribution chart. If the price decline continues, RSI is at 31 and may slip below 30.
The bollinger band shows it trading below the lower band. Traditionally, an asset trending below the band may guarantee a trend reversal. However, the altcoin maintained this pattern since Jan.19. Nonetheless, it may be gearing up for a massive price rally.
SUI’s downtrend broke below the first pivot support during the previous intraday session. It briefly regained trading above the metric a few hours ago. Its latest decline sees it retraced lower than the mark as it edges closer to testing the second pivot support at $2.50.
The Fibonacci retracement level shows the asset trading below the 61% fib level. It may rebound around the 78% fib level in the event of further declines.
The moving average convergence divergence offers no hope. A few days ago, it displayed a bearish divergence. The 12-day EMA and 26-day EMA have since been on the downtrend. The same reading is present in the 50-day MA. If the downtrend continues, it may intercept the 200-day MA.
Ethereum is Oversold
Ethereum is experiencing a massive decline as another wave of selloffs hits the crypto market. A few hours ago, it surged to a high of $2,799 but dipped, briefly breaking below the $2,600 barrier. It then hit a low of $2,563 before rebounding. Down by over 3%, indicators like MACD and RSI remain bearish.
The relative strength index was 35 a few days ago but slipped below 30. It trends at 29, indicating that the coin is overbought. The moving average convergence divergence displayed a bearish divergence a few days ago. The 12-day EMA and 26-day EMA have since been on the downtrend. The same reading is present in the 50-day MA.
