$SUI Token $3 Life and Death Battle: Are Shorts Laying Traps or Will Bulls Make a Comeback?
Sui's situation is quite delicate right now! The long-term bullish structure remains, but short-term pullback risks have already raised red flags.
Since May 2, it has dropped by 8.8%, and the entire market is focused on the crucial $3 level—if it falls below, it could drop directly to $2.75 or even $2.45!
Bitcoin recently hit a wall at $97,000, and Sui has slipped down as well. However, the technical analysis actually contains hidden clues: the money flow index soared above +0.05, indicating that some big players are secretly buying the dip;
The currency flow index is also holding a bullish position, with no divergence signals appearing for now. But the biggest fear is if Bitcoin continues to play dead, Sui could be dragged down at any moment!
The liquidation heatmap shows that there are a lot of short stop-loss orders piled up at the $3.14 and $3 price levels. If it really drops to this point, it could trigger a short squeeze. However, the allure of the lower levels at $2.8 and $2.3 might not be strong, so $3 is likely the ultimate defense line for this pullback.
If it can hold, combined with a warming sentiment in Bitcoin, bulls might directly counterattack to $3.9, which is heavily guarded by the bears!
Around $3, there might be opportunities to pick up cheap chips, but make sure to watch Bitcoin's mood before acting. If BTC continues to perform poorly, this pullback for Sui could be more brutal than expected!
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