📊 SUI Market Update: How Low Can It Go?🚀

Highlights from the Latest SUI Analysis:

Bitcoin's Impact: Bitcoin's sharp drop has dragged the market down, with SUI breaking below its crucial support at $2.90. This level is now a significant resistance.

Price Dips: Liquidations pushed SUI as low as $2.60, with potential for further drops to $2.40. Traders are advised to avoid leverage trading in this volatile environment.

Buying Pressure: Despite the downward trend, some traders are finding value around $2.70 - $2.85, indicating possible buying opportunities.

Altcoin Stability: As Bitcoin dominance wanes, altcoins show signs of stabilizing. A Bitcoin hold at $87,000 could trigger an altcoin recovery.Market Indicators: Technical indicators (RSI, SMA) suggest further downside. The anticipated Bitcoin bounce at $92K - $93K failed to materialize, highlighting the importance of stop losses.

Liquidation Levels: SUI faces major liquidation pressure around $2.33 - $2.35, increasing the likelihood of a retest at these levels.

Long Position Caution: The speaker discourages taking long positions currently. A daily close above $2.90 or $3.20+ would signal a better entry point.

Future Outlook: SUI's recovery hinges on Bitcoin's performance. If Bitcoin stays above $99K, SUI could see an upside.

📈 Key Takeaway: SUI is currently in a downtrend with further downside potential. Traders are advised to wait for a daily close above $2.90 - $3.20 before considering long positions.

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