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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

SUI Bearish Grip Tightens As Price Eyes $2.8 Retest Amid Market Pressure

Godspower Owie
Godspower Owie
3 months ago
3 mins read
SUI

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SUI is facing mounting pressure as bearish sentiment continues to dominate the market, driving its price toward a critical retest of the $2.8 support level. This key price point has become a focal point for traders and investors, as it could determine the token’s short-term trajectory.

Recent market trends have seen SUI struggle to regain upward momentum. The $2.8 level, which has historically acted as a strong support zone, is now being tested once again. A successful hold may signal a potential rebound, while a breakdown may open the door for further downside.

The broader cryptocurrency market’s uncertainty with macroeconomic factors has added to the bearish pressure on SUI. Traders are closely monitoring trading volumes and market sentiment for clues on whether the $2.8 level will hold or if the token will face additional losses.

Historical Support At $2.8: Will History Repeat Itself?

Notably, the $2.8 price level has historically served as a strong support zone for SUI, providing a critical foundation for previous price rebounds, preventing further declines, and fueling upside attempts. As SUI approaches this key level again under heavy bearish pressure, the question arises: Will history repeat itself?

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This $2.8 mark represents a key threshold for investor confidence. Holding this level might restore faith among traders and investors, encouraging accumulation and reducing selling pressure. On the flip side, losing this support could erode trust in the token’s near-term prospects, leading to increased negative sentiment.

SUI
SUI’s price on a rapid descent to lower levels | Source: SUIUSDT on Tradingview.com

In summary, the $2.8 level is more than just a price point—it’s a litmus test for SUI’s resilience in the face of unfavorable conditions. Whether it holds or breaks will likely set the tone for the altcoin’s future price action, making it a crucial area to monitor in the coming days.

What A Break Below $2.8 Mean For SUI Price Action

If SUI fails to hold the crucial $2.8 support level, the negative momentum could intensify, pushing the price toward deeper correction zones. A sustained breakdown below this level would confirm increased selling pressure, potentially leading to declines toward $2.3 or even $2.1, where the next key support levels lie.

Related Reading

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SUI Inches Closer To $3.9 Support Under Growing Bearish Influence

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Market sentiment is also at risk if the breakdown occurs, signaling that buyers are stepping back while bears continue to dominate. Additionally, technical indicators such as the 100-day SMA and MACD further validate the downward move. 

However, if SUI manages to hold above $2.8, a strong rebound may be imminent as buyers defend the level. Therefore, it is important to monitor whether this support holds or if a deeper retracement is in store.

SUI
SUI trading at $3 on the 1D chart | Source: SUIUSDT on Tradingview.com
Featured image from Medium, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

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One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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Created by industry experts and meticulously reviewed
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