{"id":649339,"date":"2024-10-23T12:00:47","date_gmt":"2024-10-23T12:00:47","guid":{"rendered":"https:\/\/uniquehot.com\/?p=649339"},"modified":"2024-10-22T17:50:11","modified_gmt":"2024-10-22T17:50:11","slug":"sui-to-face-another-pullback-following-5-3-dip-analysts-forecast-30-correction","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/sui-to-face-another-pullback-following-5-3-dip-analysts-forecast-30-correction\/","title":{"rendered":"SUI To Face Another Pullback Following 5.3% Dip, Analysts Forecast 30% Correction"},"content":{"rendered":"

SUI, the native token of the Sui Network, has seen a 13% pullback in the past seven days, halting its bullish rally. The cryptocurrency broke from a 1-month structure, fueling a bearish sentiment among market watchers, who foresee further downside for the token.<\/p>\n

Related Reading: Analyst Says Fantom (FTM) Downtrend Is Over, Is $1 The Next Stop?<\/a><\/div>\n

SUI Loses Key Support Zone<\/h2>\n

SUI has been on a downtrend this week, losing the recently gained levels alongside most of the market. The cryptocurrency saw a 5.3% drop in the last 24 hours, which has worried some investors and crypto analysts.<\/p>\n

The token registered one of the best performances during Q3, leading the market as one of the few altcoins registering green numbers in most timeframes. SUI started the month by recording<\/a> a 15% weekly surge, which fueled its rally toward its new all-time high (ATH).<\/p>\n

Additionally, 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 overshadowed by insider selling allegations on October 13.<\/p>\n

Market expert LightCrypto alleged<\/a> that SUI\u2019s performance would be affected by insiders\u2019 continuous selling, who had unloaded $400 million in SUI tokens.<\/p>\n

Following the allegations, the cryptocurrency faced a 15% daily correction but remained above the crucial $2 support level. Since then, the cryptocurrency has moved sideways, hovering between the $2-$2.15 price range until today.<\/p>\n

On Tuesday morning, SUI lost the $2 support, plunging 6.5% toward the $1.87 mark before recovering the $1.90 zone. The token\u2019s dip represented a 13% decline from its price seven days ago and an 18.4% drop from its ATH.<\/p>\n

Is A 30% Pullback Looming?<\/h2>\n

Following SUI\u2019s recent price action, some crypto analysts revealed that another pullback seems to be looming. Crypto analyst Altcoin Sherpa weighed<\/a> in on the markets\u2019 current performance, as it slowed down after Bitcoin\u2019s surge to $69,000 on Sunday.<\/p>\n

Sherpa considers the market\u2019s rally momentarily paused<\/a>, highlighting that \u201cmost alts are either pulling back or consolidating.\u201d To him, the tokens that recorded a strong run in September, including Bittensor (TAO) and SUI, have \u201ca bit more pullback to go\u201d before resuming their rally.<\/p>\n

The analyst forecasted a 25% to 30% correction toward the $1.4 support zone or lower, detailing that there will probably be \u201cplenty of bounces\u201d along the way. Similarly, crypto investor Doji noted that the cryptocurrency broke \u201ca massive 1-month stricture to the downside.\u201d<\/p>\n

Related Reading: Bitcoin Retail Activity Soars After 4-Month Slump\u2014Would A 72% Rally Follow?<\/a><\/div>\n

The investor revealed<\/a> 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 \u201cto see the middle of the macro range at some point.\u201d<\/p>\n

Despite the drop, SUI registers a 30.7% surge in the monthly timeframe, trading at $1.92 at the time of writing.<\/p>\n

\"SUI,
SUI’s performance in the weekly chart. Source: SUIUSDT on TradingView<\/a><\/figcaption><\/figure>\n
Featured Image from Unsplash.com, Chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

SUI, the native token of the Sui Network, has seen a 13% pullback in the past seven days, halting its bullish rally. The cryptocurrency broke from a 1-month structure, fueling a bearish sentiment among market watchers, who foresee further downside for the token. Related Reading: Analyst Says Fantom (FTM) Downtrend Is Over, Is $1 The Next Stop? SUI Loses Key Support Zone SUI has been on a downtrend this week, losing the recently gained levels alongside most of the market. The cryptocurrency saw a 5.3% drop in the last 24 hours, which has worried some investors and crypto analysts. The token registered one of the best performances during Q3, leading the market as one of the few altcoins registering green numbers in most timeframes. SUI started the month by recording a 15% weekly surge, which fueled its rally toward its new all-time high (ATH). Additionally, 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 overshadowed by insider selling allegations on October 13. Market expert LightCrypto alleged that SUI\u2019s performance would be affected by insiders\u2019 continuous selling, who had unloaded $400 million in SUI tokens. Following the allegations, the cryptocurrency faced a 15% daily correction but remained above the crucial $2 support level. Since then, the cryptocurrency has moved sideways, hovering between the $2-$2.15 price range until today. On Tuesday morning, SUI lost the $2 support, plunging 6.5% toward the $1.87 mark before recovering the $1.90 zone. The token\u2019s dip represented a 13% decline from its price seven days ago and an 18.4% drop from its ATH. Is A 30% Pullback Looming? Following SUI\u2019s recent price action, some crypto analysts revealed that another pullback seems to be looming. Crypto analyst Altcoin Sherpa weighed in on the markets\u2019 current performance, as it slowed down after Bitcoin\u2019s surge to $69,000 on Sunday. Sherpa considers the market\u2019s rally momentarily paused, highlighting that \u201cmost alts are either pulling back or consolidating.\u201d To him, the tokens that recorded a strong run in September, including Bittensor (TAO) and SUI, have \u201ca bit more pullback to go\u201d before resuming their rally. The analyst forecasted a 25% to 30% correction toward the $1.4 support zone or lower, detailing that there will probably be \u201cplenty of bounces\u201d along the way. Similarly, crypto investor Doji noted that the cryptocurrency broke \u201ca massive 1-month stricture to the downside.\u201d Related Reading: Bitcoin Retail Activity Soars After 4-Month Slump\u2014Would A 72% Rally Follow? 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 \u201cto see the middle of the macro range at some point.\u201d Despite the drop, SUI registers a 30.7% surge in the monthly timeframe, trading at $1.92 at the time of writing. Featured Image from Unsplash.com, Chart from TradingView.com<\/p>\n","protected":false},"author":614,"featured_media":635471,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,428,1119,26263,93167,10923,89756,87261,88213,93179,88415,9170],"class_list":["post-649339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-bitcoin","tag-btc","tag-crypto-analyst","tag-crypto-investor","tag-crypto-market","tag-crypto-trader","tag-sui","tag-sui-network","tag-sui-price-prediction","tag-suiusdt","tag-tao"],"acf":[],"yoast_head":"\nSUI To Face Another Pullback, Analysts Forecast 30% Correction<\/title>\n<meta name=\"description\" content=\"SUI has seen a 13% retrace in the past week, falling below key support levels and fueling a bearish sentiment among some 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Her goal as a writer is to create informative, complete, and easily understandable pieces accessible to those entering the crypto space. After learning about cryptocurrencies in 2019, Rubmar became curious about the world of possibilities the industry offered, quickly learning that financial freedom was at the palm of her hand with the developing technology. From a young age, Rubmar was curious about how languages work, finding special interest in wordplay and the peculiarities of dialects. Her curiosity grew as she became an avid reader in her teenage years. She explored freedom and new words through her favorite books, which shaped her view of the world. Rubmar acquired the necessary skills for in-depth research and analytical thinking at university, where she studied Literature and Linguistics. Her studies have given her a sharp perspective on several topics and allowed her to turn every stone in her investigations. In 2019, she first dipped her toes in the crypto industry when a friend introduced her to Bitcoin and cryptocurrencies, but it wasn\u2019t until 2020 that she started to dive into the depth of the industry. As Rubmar began to understand the mechanics of the crypto sphere, she saw a new world yet to be explored. At the beginning of her crypto voyage, she discovered a new system that allowed her to have control over her finances. As a young adult of the 21st century, Rubmar has faced the challenges of the traditional banking system and the restrictions of fiat money. After the failure of her home country\u2019s economy, the limitations of traditional finances became clear. The bureaucratic, outdated structure made her feel hopeless and powerless amid an aggressive and distorted system created by hyperinflation. However, learning about decentralization and self-custody opened a realm of opportunities. Cryptocurrencies allowed her to experience financial control for the first time and expand her financial education. Moreover, the peculiar nature of the crypto community sparked Rubmar\u2019s curiosity about the other layers of the industry. As a result, she found a particular interest in discovering the diverse perspectives of investors, market watchers, experts, and developers. Her attempts to better understand the crypto space made her realize the strong links of the community with other industries, enriching her perspective of the sector. As someone who spends most of her day online, Rubmar enjoys finding the points where the crypto world meets with her other passions and hobbies \u00ad\u2013or her favorite memes. In her free time, she usually finds joy in different art forms. As a child, she enlisted in every extra-curricular activity in her hometown, including music classes, dancing, jewelry making, and the local chorus. Despite her many attempts to learn different instruments, Rubmar only knows how to play the xylophone, which she played for 7 years in her school\u2019s marching band. She also has a passion for learning new languages and cultures, having set the goal to learn another six languages \u00ad\u2013 currently attempting to learn Italian and Korean. Scrapbooking, paper crafting, and bookbinding are her biggest interests outside of work, constantly taking classes and attending workshops to learn new techniques. The rest of her free time is spent stressing over football matches and transfer market news or feeding cats \u2013hers or stray. 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