Analysts Warn Of 30% Dip If This Level Doesn’t Hold

On, one of the main altcoins of this cycle has recorded an impressive recovery of prices in the last two months. However, since the cryptocurrency cannot contain some key levels, some analysts feel of a potential drop below the support of $ 3.00.

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On the rally risks a massive drop in prices

Since hitting its four months of $ 4.29, the price of Sull has moved laterally, outstanding between $ 3.40 and $ 4.00 for most of May. Among the retrace of the market last week, Altcoin recorded a price drop of 14.2%, losing its range and hitting the support of $ 3.00 during the weekend.

At the beginning of this week, he saw a slight recovery next to the rest of the market, increasing in the area of ​​$ 3.20. However, the cryptocurrency has failed to hold this level in the last 24 hours and has dropped to the area of ​​$ 3.10- $ 3.15 on Thursday morning.

The cryptocurrency analyst Carl Runefelt warned that the culture of the cryptocurrency could be in danger as it risks breaking a descending triangle model.

According to the post, Altcoin was exchanged within this formation for the last month, also showing a potential configuration of the head and shoulders that forms inside the triangle and the basic line of the pattern sitting around the support of $ 3.10.

For the analyst, “if it comes out of this triangle to the downside, the fall can be very difficult”, providing for a portrait of almost 35% towards the sign of $ 2.00. On the contrary, a baakout up could push the price of on the resistance of $ 4.20.

The Crypto Bullet analyst recently highlighted a “enormous” cuneo model in the cryptocurrency graph, which observes the area of ​​$ 8- $ 10 as the next main objective. According to the graph, it has moved within this model since the beginning of 2024, in the balance between the upper and lower borders for over a year.

In particular, the cryptocurrency hit the support trend once again during the low April, bouncing from this level. On the basis of this, the analyst believes that the current dip could be “the last opportunity to add to the luggage before a new ATH does”.

Can you repeat your playbook at the end of 2024?

Analyst Rekt Capital observed that on it was positioned for a monthly bullish closure in May, with the aim of replicating his performance at the end of 2024. Last year, the cryptocurrency re -established the level of $ 3.39 and transformed it into support, which acted as a springboard around January 2025 of all time (ATH) of $ 5.35.

This time, it could close below this crucial level, failing to confirm it as a support and loss of the recent price range. On the sta now “showing very early signs of drying uphill into said level to transform it into a new resistance”.

The analyst warned that June could see the refusal of the cryptocurrency from this level “if things do not change over the course of this month”. On is currently located within the price range of $ 2.33- $ 3.39 and is trying to position itself for a high range recovery to facilitate a breakout.

However, he tried without success to board that level, which could send the price to lower levels if “continues to float here without covering an additional soil”.

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Therefore, the risks on 10% decreased towards the $ 2.81 mid -range area, which acted as a support and weak resistance at the beginning of this year, and decrease by 30% at the range of $ 2.33 at the bottom if the previous level is not valid.

“If on it does not show the recovery signs of $ 3.39 as a support (at least on the daily time via the daily closes above $ 3.39), the secondary regions of $ 3 could be on the cards,” concluded the analyst.

At the time of drafting this document, it exchanges at $ 3,08, a 2.3% drop in daily times.

In the foreground image from Usplash.com, graphic designer from tradingview.com