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Crypto analyst Jason Pizzino has raised concerns regarding the price movements of SUI. Addressing his 345,000 YouTube subscribers, Pizzino highlighted that SUI has exhibited similar price patterns in the past. According to him, the asset is currently experiencing a prolonged downward trend and is trading within a broader price range compared to earlier corrections. He pointed out that if SUI fails to maintain the $2 level, it could face even deeper corrections.
Understanding SUI’s Downward Trend and Support Levels
Pizzino emphasized that SUI is undergoing a longer-term decline compared to previous corrections. In earlier instances, when SUI could not hold the $2 level, it dropped around the $1 mark. He suggests that a similar scenario could unfold in the current situation.
If the price loses the $2 support, Pizzino indicated that levels around $1.60 and below may come into play. He urged investors to closely monitor these levels, as the ability to maintain support is crucial given the similarities with past data.
Current Market Data and Investor Precautions
SUI has seen a 14% increase in the last 24 hours, trading at around $3.60. However, Pizzino warned investors about sudden price fluctuations. He noted that if panic selling continues, SUI could drop below the $1.60 level.
The analyst cautioned that the present upward trend might be misleading, urging investors to manage their risks meticulously. He stressed the importance of maintaining support levels and closely monitoring whether the price will decline to $2.
