SUI price pushed below support line… Why is a 10% drop expected?

According to the technical structure, the price of Sui (SUI) could fall below $2. On October 14, the token of the Layer-1 Move programming blockchain reached a new all-time high of $2.36. Since then, this altcoin has struggled to rise, and this analysis explains why SUI may enter a long-term correction. Sui Departs from the Upward Channel Looking at the SUI/USD 4-hour chart, the token has been trading within an ascending parallel channel that has been in place since last month. The ascending parallel channel pattern is formed when two upward-sloping parallel trendlines connect higher highs and higher lows. The upper trendline connects the highs, and the lower trendline connects the lows. This technical pattern is generally a bullish signal, suggesting the cryptocurrency's value could increase. However, this only occurs when the price is above the support of the lower trendline. In the case of SUI, the support of the lower trendline is $2.03, and as seen below, the price of SUI is approaching that area. If the price falls below this level, a significant decline could follow. Additionally, the Bullish Bearish Power (BBP) has turned negative in the same timeframe. BBP is a technical indicator that measures the relative strength of buyers versus sellers in the market. When BBP is positive, the bulls are in control, and the price tends to rise. Conversely, a negative BBP indicates the bears are in control. As seen below, the BBP has dropped sharply, suggesting the SUI bears could push the price lower. SUI Price Prediction: No Escape from Decline Meanwhile, the daily chart also appears to be bearish-biased. For example, the Moving Average Convergence Divergence (MACD) has fallen into negative territory, just like the BBP. Historically, buying when the MACD is rising into positive territory has been a good strategy. This indicates the readings for the period are in an uptrend, suggesting the price could rise. However, a negative MACD, as in the case of SUI, signals a downtrend and provides a sell signal. This condition suggests the price of SUI could drop by 10% and reach $1.83. In a highly bearish state and volatile market, the altcoin could even fall to $1.64. However, if aggressive investors jump into the market at an appropriate correction point, this forecast could be invalidated. In that case, SUI could rebound back to $2.36.