SUI and LTC Price Weakens Amid Trump and Powell Quarrel – Is the Rally Over?

However, President Donald Trump’s increasingly hostile rhetoric against the Chairman of the Federal Reserve, Jerome Powell, is now threatening to derail the recovery.

SUI has gained around 6.3% in the past day and currently sits at $2.23 per token while LTC has gone up by 4.3% to stand at $79.6.

Both tokens have managed to perform positively in the past 7 days but have taken strong losses since the year started as a negative macro backdrop has plunged crypto prices.

Sui is a strong competitor in the smart contracts space that can process a higher volume of transactions per second (TPS) than Solana, BNB Chain, and Ethereum.

Meanwhile, Litecoin (LTC) is a Bitcoin hard fork that offers a more scalable network that theoretically fixes the weaknesses that have prevented Bitcoin’s ecosystem from growing further.

Litecoin Looks Good After Recent Bounce

Litecoin (LTC) is trying to break above its 21-day exponential moving average (EMA) today and could move near the $90 area if it manages to break above this key resistance.

LTC bounced strongly off a key area of support that’s located at the $62 – $60 level after President Trump backpedaled on his decision to impose high tariffs on all imported goods.

This will be the key zone of support to watch in case of a failed breakout above the 21D EMA as it could cushion LTC’s resulting decline.

Market sentiment has been improving recently as the Fear and Greed Index has climbed from a record low of 15 to around 34.

However, Trump’s aggressive trade policies and now this push to remove Chairman Powell have added a new bearish ingredient to the mix and uncertainty prevails as the impact of these decisions is still yet to be seen.

The American session has now turned bearish and prices in lower time frames are collapsing as market participants fear that, if Trump succeeds at removing Powell from office, this could result in a significant spike in volatility as the market’s outlook will be even more uncertain.

Momentum indicators are still favoring a bullish outlook for LTC as the Relative Strength Index (RSI) stands above the signal line. Meanwhile, the MACD’s histogram has been on an uptrend for five days in a row.

SUI Rejects Move Above Key Trend Line

We have been tracking Sui’s performance for a while now and the price action has respected multiple times the trend line resistance shown in the chart below, emphasizing its importance to market participants.

This trend line has been more accurate than the 21-day EMA to predict SUI’s failed breakouts and today the price has rejected one more time a move above this line.

This raises the odds of a bearish short-term outlook significantly for SUI. The last time it was rejected, the price went down for four days in a row and retreated 19% from session highs back then.

The $2 level would be the most relevant support to watch at this point if SUI drops like a rock from where it is now. This results in a 7.5% downside potential.

This rejection is also taking place in an area of high volumes, meaning that selling pressure has been strong and, if bears take over the price action at this point, they will have exhausted bulls’ ammunition and would have a free pass to push the price lower in the next few session as they enter less contested price zones with weaker volumes.