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Cryptocurrency News Articles
SUI Price Analysis: SUIP Promises a 30% Pullback After Halting Its Bullish Rally
Oct 23, 2024 at 08:00 pm
SUI, the native token of the Sui Network, has seen a 13% pullback in the past seven days, halting its bullish rally.
The native token of the Sui Network, SUI, has دلمشغولی a 13% pullback in the past seven days, which halted its bullish rally.
The cryptocurrency broke from a 1-month structure, sparking a bearish sentiment among market watchers who foresee further downside for the token.
SUI Loses Key Support Zone
SUI’s price action on a downtrend this week, shedding the recently gained levels together with most of the market. The cryptocurrency encountered a 5.3% drop in the last 24 hours, which alarmed some investors and crypto analysts.
The token encountered one of the best performances during Q3, leading the market as one of the few altcoins to register green numbers in most timeframes. SUI began the month by recording a 15% weekly surge, which fueled its rally toward its new all-time high (ATH).
Moreover, the token jumped 25% from its monthly opening, shooting past the $2 barrier to reach a new ETH of $2.35. However, its bullish rally was quickly overshadowed by insider selling allegations on October 13.
Market expert LightCrypto claimed that SUI’s performance was being manipulated by continuous insider selling, with a total of $400 million in SUI tokens having been unloaded by the whales.
Following the allegations, the cryptocurrency encountered a 15% daily correction but managed to stay afloat above the crucial $2 support level. Since then, the cryptocurrency has been moving sideways, hovering between the $2-$2.15 price range until today.
On Tuesday morning, SUI lost the $2 support, dropping 6.5% toward the $1.87 mark before recovering the $1.90 zone. The token’s dip represented a 13% decline from its price seven days ago and an 18.4% drop from its ATH.
Is A 30% Pullback Coming?
Following SUI’s recent price action, some crypto analysts revealed that another pullback seems to be looming. Crypto analyst Altcoin Sherpa shared his thoughts on the markets’ current performance, which slowed down after Bitcoin’s surge to $69,000 on Sunday.
Sherpa sees the market’s rally as having paused for the moment, highlighting that “most alts are either pulling back or consolidating.” To him, the tokens that recorded a strong run in September, including Bittensor (TAO) and SUI, have “a bit more pullback to go” before continuing their rally.
The analyst anticipates a 25% to 30% correction toward the $1.4 support zone or lower, detailing that there will probably be “plenty of bounces” along the way. Similarly, crypto investor Doji noted that the cryptocurrency broke “a massive 1-month stricture to the downside.”
The investor revealed that the token dropped below the lower trendline of a broadening wedge pattern on its 1-month chart. Doji suggested that SUI will retest the pattern before dropping lower toward the lower liquidity spot at $1.4. Nonetheless, he expects “to see the middle of the macro range at some point.”
Despite the drop, SUI registers a 30.7% surge in the monthly timeframe, trading at $1.92 at the time of writing.
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