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

SUI Inches Closer To $3.9 Support Under Growing Bearish Influence

Godspower Owie
Godspower Owie
3 months ago
3 mins read
SUI

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SUI is steadily approaching the $3.9 level, weighed down by increasing bearish momentum that has put pressure on buyers to defend this critical support. The cryptocurrency’s recent inability to sustain higher levels has amplified concerns, with sellers taking advantage of waning bullish efforts. This has left the market in a delicate balance, where the next move could either stabilize the price or push it further into bearish territory.

The $3.9 level has emerged as a vital threshold, and how the market reacts here could set the tone for SUI’s trajectory in the near term. If bulls mount a strong defense, it may pave the way for a potential recovery and attract fresh buying interest. However, a breakdown below this mark might intensify selling pressure, possibly driving the price toward deeper lows.

Price Action Near $3.9: Bearish Trend Or Opportunity For Reversal?

As SUI approaches the critical $3.9 level, the price action presents a pivotal moment that could shape the future direction of the asset. With bearish pressure mounting, there’s a real concern that the price might breach this support, opening the door for more declines.

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The market’s current sentiment leans toward caution as traders keep a close eye on whether the $3.9 level can hold firm or give way to selling pressure. A sustained drop below this level could signal more downside, with the possibility of further testing of lower support levels.

SUI
Bearish pressure pushes SUI toward $3.9 support | Source: SUIUSDT on Tradingview.com

Key technical indicators are raising concerns about a potential breakdown for SUI as it approaches the $3.9 support level. SUI is currently trading below the 100-day Simple Moving Average (SMA), a sign that market sentiment has shifted to the downside. Typically, this development suggests that bearish pressure is mounting, causing extended drops if this negative trend continues.

Adding to the bearish outlook is the Relative Strength Index (RSI) currently trading below the 50% threshold, a level that often signals that selling activity is dominating the market. When the RSI falls below 50%, it indicates that the market sentiment is leaning toward a downward trend, reinforcing the possibility of more losses. 

What $3.9 Means For SUI Future Price Direction

When SUI reaches the $3.9 support, it is difficult to determine its next direction. However, should the $3.9 support fail to hold, it could open the door for increased bearish pressure, driving the price toward the next support levels at $2.8 and $2.3.

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Meanwhile, if SUI manages to hold the $3.9 support and bounce back, a reversal or consolidation phase is likely, paving the way for a recovery toward the $4.9 resistance level. A successful breakout above this level may attract additional buying pressure, propelling the price further to challenge the $5.3 mark.

SUI
SUI trading at $4.1 on the 1D chart | Source: SUIUSDT on Tradingview.com
Featured image from YouTube, 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.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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