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NullTx 2025-01-29 19:23:41

SUI PRICE ANALYSIS & PREDICTION (January 29) – SUI Loses 5% Today, Turns Bearish Due to a Break Below This Support Line

SUI’s general outlook remains bullish but appears to have lost steam following a 10% drop in a week. The price currently looks weak on the day as it broke down steadily from a five-month support line. Looking back, SUI’s performance has been highly impressive following an overwhelming gain in the past few months. Its overall structure is still considered bullish on the daily chart; But the trend has shifted briefly to the downside as it undergoes a major correction for the first time in five months. This correction came after increasing by over 10x to $5.36 – marked as the current all-time high. That led to a breakdown from a mid-term rising support line and is now looking bearish on the daily timeframe. Although the market is still in favour of the bulls in the long-term despite the latest price weakness. A drop below the holding $3.5 level could trigger a major drop capable of dipping the price to a low of $1. But from the look of things, the price is likely to retest the $4.3 level before advancing bearish correction. If SUI manages to stay above the mentioned support, it could resume swing high in no time. But as it stands, the bears are much more likely to resume pressure amid rising supply. SUI Key Levels To Watch Source: Tradingview Breaking down the current holding level could bring more sell actions in the market. The potential level to consider for support is $2.973 and the $2.37 level. Right below it lies the key $2 level. For a retest, the $4 level is the closest resistance for the bulls. A push above this level could pave the way for more increase to the current all-time high of $5.36 before breaking to $7. Key Resistance Levels: $4, $5.36, $7 Key Support Levels: $2.973, $2.37, $2 Spot Price: $3.73 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: asifmunir07/ 123RF // Image Effects by Colorcinch

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