1. SUI Struggling Below Recent Peak
SUI hit a high of $2.36 on October 14, but it's now losing momentum.
The price is nearing a crucial support level at $2.03, and a drop below this level could spark further selling pressure.
2. Testing Key Support at $2.03
SUI has been moving within a rising parallel channel, often a bullish indicator.
However, if $2.03 support breaks, expect a quick 10% plunge, with the price potentially sliding to $1.85 or even lower.
3. Bearish Signals in Indicators
BBP Oscillator: Has flipped into bearish territory, showing the bears are gaining control.
MACD Indicator: Deep in negative territory, confirming that momentum has shifted away from the bulls, signaling an increased likelihood of a downtrend.
4. SUI Price Prediction: Potential Downside
If the $2.03 support level fails, the next stop could be $1.85 or lower.
With market volatility, a steeper correction may follow, so traders should remain cautious.
5. Decision Time for Traders
Whatâs your strategy? Hold through the drop or wait for a potential re-entry at lower levels after the correction? Stay informed and adjust quickly to market conditions.
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