SUI Price Is Under Pressure Close To The Major Selloff Zone At $3.06

• Based off the Elliott Wave, a fall below $3.06 in SUI price could trigger a larger drop.
• RSI and MACD suggest the price action is weakening, which is in agreement with the expectations for a downturn.
• If SUI price falls below $3.06, it could lead to further selling, and the lows could extend to $2.72 or $2.00.

SUI price, which is the token that powers the Sui Blockchain, may soon fall if it fails to hold the $3.06 support level. Lower prices are expected because Elliott Wave analysis by More Crypto Online indicates a price restriction at $3.38.

Support Exists at $3.06 as SUI Price Continues to Fall

A warning from analysts is that if SUI dips below $3.06, it might mark the start of wave (5) as part of a bigger corrective wave (c). From reaching a peak in May, SUI  appears to have been moving through a corrective pattern, as suggested by Elliott Wave. 

Source: X @Morecryptoonl

The main point from the chart is that multiple Fibonacci retracement levels align with the $3.06 support. A drop below $3.05 could lead SUI price to the next critical support zone, which is between $2.72 and $2.09.

SUI’s RSI and MACD Signals Have Turned Bearish

Besides price, another measure of Sui price on the daily chart also raises the alarm. RSI stands at 42.33, which is signaling a shift in buying strength toward a bearish momentum. From this, it can be inferred that there’s more downside to come until a reversal occurs. 

Also, the MACD (Moving Average Convergence Divergence) shows a negative crossover because the MACD line is below the signal line, and the histogram bars are red. Thus, it supports the ongoing trend of falling prices.

Source: TradingView

There has also been a consistent decline in both the highs and lows of the price charts, indicating the downtrend. A move above $3.38 during May failed for SUI, showing that selling pressure is higher than buying pressure.

Volume has not changed much so far, and there have been no clear signs yet that a reversal is coming. 

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