SUI Price Collapse: Exhausted Momentum and Bearish Skew Dominate Market

SUI is struggling to stay above its support levels after plummeting by -7.59% in a single session, with price currently at $0.77.

The chart indicates that momentum has been exhausted and the market is likely to move downward before any sustainable recovery can occur.

The MACD histogram is flatlined, indicating a lack of momentum, while the Bollinger %B sits below the midpoint, drifting toward the lower band at $0.70.

Despite the RSI reading 51, which may seem innocuous, it's essential to consider that price dropped nearly 8% on this day, and buyers are barely holding their ground.

The taker buy/sell ratio is printing 0.77, with nearly $1.30 in aggressive selling for every dollar of buying, indicating a strong bearish skew.