Analysts Warn Of 30% Dip If This Level Doesn’t Hold

Sui, one of the leading altcoins of this cycle, has included an impressive price repair in the past two months. However, since the cryptocurrency has some important levels, some analysts warn of a potential decrease under support of $ 3.00.

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Sui Rally risks a huge price decrease

Since he reached his peak of $ 4.29 of $ 4.29, the price of Sui has been moved sideways and for most of May between $ 3.40- $ 4.00 floating. In the midst of last week’s Market Retrace, the Altcoin registered a price drop of 14.2%, he lost his reach and achieving the support of $ 3.00 at the weekend.

At the start of this week, Sui saw a mild recovery next to the rest of the market and rose to the $ 3.20 area. Nevertheless, the cryptocurrency did not held this level for the past 24 hours and on Thursday morning to the area of ​​$ 3.10- $ 3.15.

Crypto analyst Carl Runefelt warned That the meeting of the cryptocurrency can be in danger because it runs the risk of breaking down a falling triangular pattern.

According to De Post, the Altcoin has traded within this formation last month, with a potential head and shoulder setup that forms in the triangle and the basic line of the pattern is around $ 3.10 support.

To the analyst: “If it breaks out of this triangle to the disadvantage, the fall can be very difficult”, with a recasting almost 35% predicting in the direction of the $ 2.00. On the contrary, an outbreak to the advantage could continue the price from SUI to the resistance of $ 4.20.

Analyst Crypto Bullet recently marked A “huge” rising wedge pattern in the graph of the cryptocurrency, in which the $ 8- $ 10 area looks at the next big target. According to the graph, Sui has been moving within this pattern since the beginning of 2024 and has been floating between the upper and lower borders for more than a year.

It is striking that the Cryptocurrency reached the support trend line again during the LOS POINT of April, which bounced from this level. Based on this, the analyst is of the opinion that the current dip “can be the last opportunity to add to your bags before Sui makes a new Ath.”

Can it repeat his PlayBook at the end of 2024?

Analyst stretches Capital noted That Sui was placed in May for a bullish monthly candle that was closed in May, with the aim of replicating the performance of the Late 2024. Last year the cryptocurrency re -tested the level of $ 3.39 and supported it in support, which acted as a springboard in the direction of January 2025 of all time High (ATH) of $ 5.35.

This time it can be closed below this crucial level, not confirming as support and losing the recent price range. Sui is now “very early signs of upward signs in the level of the level to turn it into new resistance.”

The analyst warned that June could see the cryptocurrency reject this level “if things don’t change in the course of this month.” Sui is currently in the price range of $ 2.33- $ 3.39 and tries to position himself for a recover of the range to facilitate an outbreak.

However, it has tried in vain to rise to that level, which could send the price to lower levels if it “floats here without covering extra land.”

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That is why Sui and Dalen falls 10% in the direction of the $ 2.81 mid-range area, which earlier this year acted as support and weak resistance and fell 30% to the range of $ 2.33 if the previous level does not apply.

“If Sui does not show any signs of reclaiming $ 3.39 as support (at least at the daily period via Daily closes above $ 3.39), then sub-$ 3 regions can be on the cards,” concluded the analyst.

SUI is currently acting $ 3.08, a decrease of 2.3% in the daily period.

Featured image of unsplash.com, graph of TradingView.com