Altcoins News
By Sakamoto Nashi
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The cryptocurrency market has entered another wave of turbulence, and altcoins are bearing the brunt of it.
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The token’s decline reflects broader market weakness as Bitcoin briefly fell below $100,000—a key psychological threshold—before bouncing slightly.
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SUI’s recent price action has confirmed a bearish outlook, especially after its third failed attempt to break above the $4.20 resistance zone.
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The technical indicators also lean heavily toward a continuation of the downtrend:
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A death cross has formed between the 50 and 200-period exponential moving averages (EMAs), typically seen as a bearish signal.
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A negative crossover has also emerged between the 100 and 200-period EMAs, adding further weight to the bearish bias.
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SUI dipped as low as $2.88 before recovering modestly to around $3.02, attempting to retake the critical $3 psychological support level.
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Despite this minor bounce, the broader trend remains downward. The Relative Strength Index (RSI) has moved up from oversold territory, hinting at short-term bullish momentum.
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$2.71 in Focus: Can SUI Hold Its Ground?
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The $2.71 level—aligned with the 50% Fibonacci retracement—is emerging as a key area of interest.
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If bearish momentum continues and SUI fails to hold above $3, price could slide toward $2.71, which is considered the path of least resistance in current market conditions.
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Still, without a strong shift in market sentiment or a catalyst, a sustainable recovery seems unlikely in the short term.
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Derivatives Market Paints a Gloomy Picture
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A deeper look into the derivatives market reveals just how bearish traders have become. Data from Coinglass indicates that over $11 million in long positions on SUI were…
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In contrast, short liquidations totaled only about $693,000, underscoring the imbalance between buyers and sellers.
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