Sui price slides as $0.90 becomes the new target for bears in this correction
- Sui price breaks below key level at $1.
- SUI drops over 12% lower for the week as the alt coin keeps selling off.
- In case bears trigger a new low for May, expect to see a 20% devaluation this week.
Sui (SUI) price is the new kid on the block and only started trading at the beginning of May. Investors of the first hours are not really enjoying their investments thus far as the price action has been on a steady decline lower in the past few days. With Sui's price flirting with its lowest level for May on its last day of the month, a further drop could value SUI at $0.90.
Sui price heads lower in search of fair value
Sui price is not giving early investors and believers a good run for their money. Price action jumped on the first day it started moving in the open market, surging from $0.10 to $4 in the trading session. In all fairness, everyone knows that at the first moment of launching a crypto coin, it is almost impossible to enter the price action and fully book all those profits.
SUI holding in the wallet made sense at that time as its popularity really picked up quite quickly, which unfortunately was only for a very short time. Price action has been trading lower since. If bears can push price action back below that red descending trendline, expect to see another 10% drop. The Relative Strength Index (RSI) still has some room to go, and that means that $0.90 becomes the next profit level for bears to aim for.
SUI/USD 4H-chart
A bounce off that red descending trendline could still see an upswing with some recovery for Sui's valuation. Keep an eye on $1 for some pressure and resistance from bears. Once broken through, it will be a quick win to meet $1.10 and book a nice 15% gain.
Author
Filip Lagaart
FXStreet
Filip Lagaart is a former sales/trader with over 15 years of financial markets expertise under its belt.
