Sui (SUI) is one of the few cryptocurrencies in the red at $ 1.12 on May 20, after a loss of 1.35% per day, according to data from the cryptocurrency market monitoring website CoinMarketCap.
In addition to the depression against the dollar, SUI prices fell on market leaders Bitcoin (BTC) and Ethereum (ETH). As a result, the decline is 1.35% against BTC and 1.65% against ETH. Additionally, the cryptocurrency is trading near its daily low of $1.11.
In the afternoon of May 20, the SUI was near the main support at $1.1181, showing technical support that will turn into resistance in the next 24 hours. The 9-line EMA on the 4-hour chart is trading on a decline below the longer 20-line EMA. Additionally, the RSI line is trading below the RSI SMA line.
This bearish trend seems to be coming to an end as the RSI indicator is about to cross the RSI SMA indicator above the line. If this crossover happens in the near future, the bulls will be able to successfully defend the support level.
Since SUI is trading below the 9 and 20 EMA lines on the 4-hour chart, traders should wait for the signal to recover above the 2 EMA level.
Only then can you open a long position? A decrease in SUI below $1.1181, on the other hand, will be a signal to sell the altcoin short, as it is expected that its price will fall to $1.0768.