Date: Wed, Oct 23, 2024, 06:12 AM GMT
The cryptocurrency market is known for its fluctuations, and Bitcoin (BTC) is at the heart of many of these changes. Recently, BTC took a sharp turn from its peak near $70,000, causing major altcoins, including Sui (SUI), to dip in value.
Recent Performance of SUI
SUI, the a strong contender in the altcoin space earlier this month, has not fared well lately. Over the past week, its price dropped by more than 5%. After reaching an all-time high of $2.37 on October 13, SUI has fallen nearly 20% to its current price of $1.94. This decline can be attributed to a correction following a significant rally of over 100%. Despite this downturn, SUI still boasts around 20% gains over the past 30 days.
SUI Holds Key Support
The recent dip has brought SUI to a crucial support level of $1.90. After rejecting a resistance level of $2.14, SUI has shown signs of strength by bouncing back and trading at $1.93. If SUI can maintain this support, it may aim for the resistance at $2.14, which is over 10% higher. However, if the price declines further, it might test the next support level around $1.72.
Can It Maintain This Level?
At this point, SUI appears to be holding steady at its support level, but all eyes are on Bitcoin, which remains under pressure around the $67,000 mark. For altcoins like SUI to maintain their positions, BTC must stay above $66,500. If BTC manages to rise back toward the $70,000 level, altcoins, including SUI, could see a recovery in their prices.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.