The prices of the cryptocurrencies Sui (SUI) and Ondo (ONDO) are under significant selling pressure, and analyst Manish Chhetri warns that these altcoins could experience a notable drop in the coming weeks.
Technical indicators for SUI reveal a clear bearish bias. Last week, the asset lost 14% of its value, breaking an upward trendline that had been established since November 26. After a slight recovery, the price was rejected again and fell 17% by Sunday.
According to Chhetri, SUI found support at the 200-day exponential moving average (EMA) at $3.78. However, if this level is lost, the cryptocurrency could drop to $2.96, representing a decline of nearly 25%.
The analyst also points out that the Relative Strength Index (RSI) at 38 indicates more room for declines. Meanwhile, the MACD shows a bearish crossover, reinforcing the selling pressure. Additionally, the increasing red histogram suggests the price may continue to fall.
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