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SUI price prediction – Why the token can lose another 7%

2min Read

Data showed that $2.84 and $3.9 could be the key support and resistance levels for SUI in the coming weeks.

SUI price prediction - Why the token can lose another 7%
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  • SUI’s price action on the daily chart showed the $3 support was a must-defend zone.
  • The steady losses in recent weeks and a lack of bullish conviction could see prices fall to $2.43.

Sui [SUI] was retesting the psychological $3 support level once again. It had previously tested this level as support a week ago, before bouncing nearly 20% to reach the $3.6 supply zone.

Such a bounce might not repeat itself immediately, given the state of the rest of the market.

Liquidity beckons SUI lower

SUI 1-day Chart

Source: SUI/USDT on TradingView

The price action on the higher timeframes was not too bearish. The weekly chart showed that the swing points were at $1.75 and $5.24, with price in a retracement phase.

The daily and lower timeframes showed rising bearishness over the past month.

The Awesome Oscillator was forming red bars on the histogram to show increased downward momentum. However, the CMF did not yet fall below -0.05, which would signal substantial capital outflows.

The conclusion was that selling pressure and bearish momentum were prevalent, but there is some hope that the downtrend would be halted at $3 or $2.43.

These two levels were the key levels for bulls to watch due to their importance as Fibonacci retracements.

Sui Liquidation Heatmap

Source: Coinglass

The 3-month liquidation heatmap threw light on the $2.84 and $3.9 levels as sizeable liquidity pockets around price. There were magnetic zones at $3.2 and $3.53, but these were less densely populated.

Sui Liquidation Heatmap

Source: Coinglass

The 2-week liquidation heatmap concurred with the 3-month’s finding. It, too, emphasized the importance of the $2.84 zone as a short-term price target.

It was highly likely that SUI prices would test this level before attempting a recovery.

To the north, the liquidation levels were relatively sparse until the $3.37-$3.53 area.

This lack of liquidation levels presented a chance of a quick price bounce from $2.84 to $3.52, but such a move would be dependent on market-wide sentiment.

Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion

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Akashnath S is a Senior Journalist and Technical Analysis expert at AMBCrypto. He specializes in dissecting price action, identifying key market trends through advanced chart patterns, and forecasting both short-term and long-term asset trajectories. His distinct analytical method is grounded in his academic training as a Chemical Engineer. This background provides him with a systematic, process-oriented approach to market data, enabling him to analyze the complex dynamics of financial markets with precision and objectivity. Having actively covered the cryptocurrency space since the landmark 2017 market cycle, Akashnath possesses years of experience navigating both bull and bear markets. This seasoned perspective is critical to his insightful reporting on market volatility and evolution. As an active market participant, Akashnath enhances his analysis with crucial, hands-on experience. This practical application of his technical skills ensures his insights are not merely theoretical, but are also relevant and actionable for an audience looking to understand and navigate trading opportunities. He is dedicated to educating readers on the nuances of technical analysis, empowering them with the knowledge to make more informed financial decisions.
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