SUI Tests Key $1.10 Level and Short-Term Losses Could Persist

SUI is showing signs of short-term weakness as it continues to struggle and hold above its key support level of $1.10 in global crypto markets. Analysts are observing SUI’s price action and have predicted that it could fall further. Some believe that the coin could rise if it can create a strong bottom pattern.

At press time, on February 4, SUI is trading at $1.10, with a 24-hour trading volume of $1.24 billion and a market capitalization of $4.27 billion.

The cryptocurrency has fallen by 3.51% over the last 24 hours, reflecting short-term market pressure as investors assess its next move. Price and volume data sourced from CoinMarketCap.

Source: CoinMarketCap

SUI Drops Below Key Support

A crypto analyst, Alpha Crypto Signal, tweeted on February 4th, stating that SUI is currently trading below a critical support level, as illustrated on the daily chart.

Source: X

According to him, as long as the coin continues trading below this support level, there is no room for optimism. However, he said he could consider buying the coin if it starts trading above this critical support level.

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SUI Bottom Pattern Suggests Upside

Meanwhile, another analyst, The Moon Show, pointed out that SUI could be positioning itself for a comeback. This is based on the fact that a bottom pattern is developing, and as such, it could be on course for a mean-reversion move. “There are multiple highs to run, and a rebound could be on the horizon,” the analyst noted.

Source: X

The coin’s recent price action also emphasizes the significance of technical levels on market sentiment. A move above that crucial support level could attract new buying interest, whereas a failure to hold onto that level could lead to further losses. Investors and enthusiasts are watching these key technical levels for a trend reversal.

The recent volatility in SUI is in line with the general movement of the market, as many altcoins are seeing corrections in the short term before reaching a stable position. Analysts have pointed out that the movement of the daily and weekly charts will offer valuable insight for making informed decisions in the market.

With analysts both cautioning about it and predicting a potential recovery for it, the coin is definitely a cryptocurrency worth keeping an eye on.

However, it must be noted that readers of this article must not take it as financial advice. They must keep an eye on the cryptocurrency’s performance in the coming days to see if it manages to gain traction.

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