The price of SUI has seen a significant decline in the past week, dropping by 38.13%. In just the last 24 hours, the price has fallen by 21.51%. However, there is a glimmer of hope as the price is up slightly by 1.53% in the last hour. The price of the token is currently at $0.58 per SUI, which is 61.12% lower than its all-time high of $1.50. The question now remains whether SUI can regain its footing and begin to recover.
SUI is facing downward pressure
The global cryptocurrency market cap has fallen below $1.10 trillion again, which has led to negative trading sentiment across most cryptocurrencies. SUI coin, in particular, has seen a significant drop of more than 10% over the past 24 hours, with its price dropping below $0.70. Technical analysis of the asset indicates a downtrend characterized by high selling pressure and buyers struggling to reverse the bearish momentum.
Related reading: Cardano (ADA) Hits Key Level in June – Here’s Why
On the 4-hour chart, the SUI coin has been in a bearish trend, and it is looking for a stable support. It is trading below its short and long-term moving averages, with the 50-day moving average at $0.837 and the 200-day moving average at $1.020. This position below the moving averages indicates a steady decline in the currency’s price, which may indicate a lack of buying pressure and weak market sentiment.
The immediate support level for SUI coin is located at $0.50, while the resistance level stands around $0.76. The recent rejection below the resistance level fueled the downtrend. Moreover, the Relative Strength Index (RSI) On the 4-hour chart, the downward trend is confirmed, with the RSI at 17.9 indicating oversold conditions. There are currently more sellers than buyers, adding downward pressure on SUI coin.
Partnership with Red Bull Racing: Could this be a catalyst for the revival of the SUI Token?
The recent multi-year partnership between Sui and the Oracle Red Bull Racing Formula One team has the potential to renew Sui’s token price. As Sui becomes the blockchain partner of a well-known and globally recognized racing team, it is gaining exposure and credibility within the crypto and motorsports communities. This association can lead to an increase in demand for Sui tokens, which increases the value of the token.
The collaboration aims to deliver engaging digital experiences to racing fans, create a loyal user base and enhance Sui’s reputation. With former Red Bull Racing involved in the crypto industry, their partnership with Sui signals a shared interest in exploring the potential of cryptocurrency and blockchain technology.
Related reading: Dogecoin (DOGE) gloomy social sentiment raises questions about a price reversal
While the success of the partnership and its impact on the price of the Sui token depends on several factors, including market conditions and investor sentiment, this collaboration holds promising prospects for the revival of the Sui token. Monitoring future developments and market feedback will provide valuable insights into the effectiveness of the partnership in driving Sui token resurgence. At press time, SUI is trading at $0.5904 with a 24-hour decline of 19.8% in its price.
Featured image from iStock, charts from Tradingview.com
