Is It Time to Buy SUI? Analyst Highlights Potential After a Steep Correction Against Bitcoin (BTC)
Sui (SUI) experienced a significant 45% correction against Bitcoin after a tremendous rally in Q1 this year, according to analyst Michaël van de Poppe (@CryptoMichNL). However, the analyst suggests this could present an opportunity to buy the dip.
What you'll learn 👉
Trend Line Breakdown and Retest
Van de Poppe’s chart reveals a downward trendline connecting the highs from June to August. The price has broken down from this trendline. “SUI has seen a tremendous upwards rally in Q1, but since February it has been seeing a 45% correction on the Bitcoin valuation,” he stated.
The analyst has marked an ellipse at the bottom right, noting “Potential retest is an entry on the BTC pair.” This implies a retest of this level could offer an attractive entry point for trading the SUI/BTC pair.
Invalidation and Take Profit Areas
Additionally, Van de Poppe has highlighted key support and resistance zones. A green “Invalidation area” represents a level where a potential long trade would be invalidated if SUI’s price drops below it.
Conversely, a red “Potential take profit level” indicates a resistance zone where traders might consider taking profits if the price reaches it after a successful breakout.
The analyst’s annotations also include three circles with upward arrows, suggesting areas where SUI’s price broke above prior highs – potential liquidity pool areas.
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Show more +Current SUI Price Down Marginally
According to CoinGecko data, the current price of SUI is $1.50, representing a modest 0.37% decline over the past 24 hours.
Van de Poppe’s analysis suggests the pullback in SUI lately could present opportunities for traders looking to establish new positions if key support holds. As always, risk management is paramount when trading volatile cryptocurrencies.
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