Crypto
SUI Trapped in Coiled Market with Bearish Technical Structure
SUI is trading at $0.69, but its chart shows that this market is exhausted and not consolidating for a potential breakout.
The MACD histogram is at effectively zero, indicating neither bulls nor bears have landed a decisive punch.
The technical structure of SUI has been consistently bearish, with the price sitting 23% below its 200-day SMA at $0.89 and 3% below its 50-day SMA at $0.71.
A Bollinger Band compression is forming, which historically signals a market loading a spring, but in this case, it's unclear whether the coiled market will break to the upside or downside.