Investigating SUI's Potential Downturn: Delving into Possible Reasons why the Cryptocurrency could Drop to $3
Revamped Take:
📢 Sui [SUI] took a tumble, shedding 8.8% since May 2nd. Despite maintaining a bullish market structure, it's taking a short-term breather. Here's what you need to know, mate! 💡
Strong gains towards the end of April had Sui charging past the previous lower high at $2.78 on 23rd April. But, given Bitcoin's [BTC] latest hesitance at $97k, it seems Sui followed suit. 🤝
Get Ready for a Fall to $3 Neecher! 📉
嵌圖已不再可用 | SUI/USDT at TradingView
After nearly wiping out its November rally by April, the altcoin's bulls have been steadily reclaiming territory. The break of the market structure was a massive bullish sign, though $3.5 wasn't tough enough to stand as support.
SUI's recent rally saw the Chaikin Money Flow (CMF) pop above +0.05, suggesting increased capital inflows. The MFI mirrored the bullish momentum, yet it hasn't formed a bearish divergence just yet on the 1-day timeframe.
Together, these indicators and price action paint a bullish picture on the 1-day timeframe. A dip to $3.06, $2.75, and $2.45 might happen in the coming days alongside Bitcoin's recent bearish momentum. Lastly, the liquidation heatmap offers some insight into Sui's next move.
вед增資料：Coinglass
The 3-month liquidation heatmap reveals that the immediate liquidity pockets the price will head towards are $3.14 and $3. It's possible we could see a drop to these levels soon. Below that, $2.8 and $2.3 might also act as magnets, but fewer traders might be triggered there, potentially leading to smaller price movements.
So, there's a high chance we'll see a drop down to $3. This could potentially offer a buying opportunity, but astute traders might wanna gauge Bitcoin's sentiment before diving in. If Sui experiences a bullish reversal, the $3.9-level could be a sizable liquidation cluster that bulls might target.
Ё disclaimer: This article should not be perceived as financial, investment, trading, or any other type of advice. It's just the writer's personal views. 📝
Survey Time! How much do you reckon WIF (Dogwifhat) will plummet? By 25%? 🤔
Next up, Mantra [OM] dipped below $0.50 after a massive whale dump. Can it bounce back? Keep an eye out for that one! 👀💛💙
- In the field of cryptocurrency, price prediction becomes essential for investors, especially as the price of Sui (SUI) is expected to take a fall to around $3 in the coming days, based on recent patterns and indicators.
- With the current market's reluctance, many crypto assets, including Sui (SUI), follow the trends set by Bitcoin (BTC), such as the latter's recent hesitance at $97k.
- Mining and investing in cryptocurrencies like Sui (SUI) and others such as Ethereum (ETH), require a keen understanding of financial technology and market trends to maximize profits and minimize risks in the unpredictable world of crypto.
- Despite the expected decrease in Sui's (SUI) price, astute technology-literate investors may view this drop as an opportunity to enter the market, provided they carefully analyze Bitcoin's (BTC) overall sentiment before making their move. This approach leverages both the power of technology and the negotiation of market trends.
