The post 71% of SUI Traders Go Short on Binance, Time to Sell? appeared on BitcoinEthereumNews.com.

SUI has gained massive attention from the crypto enthusiast following an impressive 13% of price surge over the past 24 hours. However, traders have started betting more on short positions. Traders’ Eyes on Price Decline According to on-chain analytics firm Coinglass, 71% of traders on Binance are currently holding short positions as they believe that the SUI price could fall in the coming days. In Addition, currently, 29% of traders hold long positions.  Source: Coinglass This on-chain data suggests that the market sentiment of SUI is currently bearish, which may lead to selling pressure and a price decline in the coming days. SUI Technical Analysis and Upcoming Levels According to expert technical analysis, SUI is currently at the $2 level, where it experienced a massive price decline of over 50% the last time it reached this point. However, the active short positions on Binance suggest a similar price decline may occur this time.  Source: Trading View Based on recent price momentum, if SUI fails to close the daily candle above $2.2, there is a strong possibility it could fall by 20% to reach the $1.62 level in the coming days. On the other hand, if it holds above the $2.2 level, there is also a possibility of reaching a new high in the near future. Currently, SUI’s Relative Strength Index (RSI) is in an overbought zone, signaling a potential price correction or we can say a price decline in the coming days. SUI Current Price Momentum  As of now, SUI is trading near $2.04 and has experienced a price surge of over 13% in the past 24 hours. During the same period, its trading volume jumped by 145%, indicating higher participation from traders and investors amid the ongoing price recovery. However, the potential reason for this significant upside rally is…

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Filed under: News - @ October 8, 2024 12:25 am