Water Altcoin is traded for $ 3.72 by losing 7.07 percent in the last month. This decrease after the significant rise of 67.90 percent last month, disappointed investors. Despite the strong basic developments such as launch of the Axalar Bridge, Phantom Wallet Integration, Binance Alpha support, Increased Total Locked Value (TVL) and the “Great Sui Odyssey” activity held on May 17th, this decline brought the question of withdrawal or a new summit.
Wave of liquidation that shook the water coin
Analyst The Kingfisher by supplied The SUI Coin liquidation heat map shows that there is a cluster of a Long position liquid, especially around $ 3.933 in the area between about $ 3.90 and $ 3.95. Analyst altcoinHe emphasized that the price of leveraged long positions have been liquidated with the price of the price below this level.
This liquidation area acted like a black hole that attracted the price down and aggravated the decline. In addition, the heat map indicates that there is less Short position liquidation above the current price, which can push the price up in the short term. Short jam (Squeeze) warns that it is a limited driving force. In other words, there is not much bullet for upward sudden movements.
Altcoin water price analysis and important levels
Altcoin water‘s price is currently above the critical support zone determined in the range of $ 3.73 to $ 3.85. If the water permanently falls under this range and closes, a harder decrease movement can be triggered, especially when the liquidation continues to pressure on long positions. The transaction volume is also an indicator that contributes to the decline. CoinMarketcap according to data The transaction volume fell by 24.09 percent in the last 24 hours. This decrease in volume is usually interpreted as a harbinger of volatility.
For the upward movement, the first important resistance stands out as the level of $ 4.02. For a more powerful optimism, the price needs to make a daily closing above $ 4.35. Such closing can confirm that the trend of rise continues and can put SUI on the way to make a new summit over $ 5.35, the highest level of all available time.
Considering the existing market conditions, short -term investors are advised to calculate risk and follow the level of liquidation and support areas closely.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and carry out their operations in line with their own research.
