- SUI sits at a very important level.
- Sui team buys back $12,200 worth of SUI over the last 2 days.
- The buybacks have been reinvested into the Sui ecosystem.
The crypto community continue to hold high hopes for the altseason peak pump phase to play out over the next few days. Already, several promising altcoins have been printing bullish signs on their respective price charts, signals a high possibility for a bullish pump to arrive soon. At the moment, altcoin SUI sits at a very important level as SUI team buys back $12,200 worth of SUI over the last 2 days.
SUI Sits at a Very Important Level
Among the many popular altcoins in the market at the moment, SUI is one of the most bullish. This is because despite its steady fall from ATH records, the asset has now dipped as far as the $0.6 price range signaling a deep decline over the bear market. Still, according to CoinMarketCap analytics, the asset is trading at the $0.65 range at the moment, signaling that the asset is up by 1.2% over the last 24 hours.
As we can see from the post above, this analytics expert says that SUI is sitting at a very important level right now. In detail, its present price at the $0.65 zone is acting as the line in the sand. If SUI were to lose this level on a HTF close, the expect expects SUI to go much lower, with $0.50 – $0.35 being the main area for holders to be watching, which is basically the previous bear market bottom.
This, the expert remarks, is where psychology comes into play. He states that people will keep telling themselves, “It can’t go lower from here,” because they’re already down and emotionally attached to their bags. Then every small bounce will be used as a reason to hold instead of looking at the bigger structure. Thus, he advices trades “don’t let your entry price control your decisions”.
Sui Team Buys Back $12,200 Worth of SUI Over the Last 2 Days
If $0.65 is lost on HTF, then the expert concludes that he will not be interested in fighting the chart. Instead, he will respect the structure and look lower. Sometimes protecting one’s capital means accepting that the trade one wanted isn’t the trade they will be getting. However, despite these bearish expectations, another expert goes on to highlight a bullish move made by the Sui team themselves.
As we can see from the post above, the Sui team bought back $12,200 worth of SUI over the last 2 days. To highlight, the daily buyback program keeps running, as on August 17 and 16 the team purchased 9,100 SUI each day, meaning the total amount of SUI bought back has now reached nearly 451,200 tokens. So far, all purchased tokens have been reinvested back into the Sui ecosystem. Could these buybacks push the price of SUI towards higher targets?
