MN Consultancy founder Michaël van de Poppe stated that the recent declines in the altcoin market are a potential buying opportunity.
While October, when the bulls were hungry, is behind us, the crypto market made a negative start to November. Leading crypto Bitcoin (BTC) has lost over 4 percent in value in the last 24 hours. BTC dropped from $73,620 to $69,000. The decline in question caused many altcoins to lose blood.
The crypto market is focused on the US elections to be held on November 5. Crypto analysts believe that an all-time high will be seen before the elections.
Crypto analyst Michaël van de Poppe welcomed the declines in the last 24 hours positively.
Altcoin signal from analyst: SUI is on the radar
Michaël van de Poppe addressed his followers via X. The analyst used the following statements:
“Altcoins are correcting and this opens the doors for dip buying opportunities. One of them is SUI.“
The analyst pointed out important levels on the SUI chart he prepared. According to chart analysis, $1.84 to $1.79 will be an important support zone for SUI. If the price breaks below the mentioned zone, it could test the major support point at $1.60.
Michaël van de Poppe predicted that the outlook on SUI points to a short-term correction, but if the said support points work, the price could reach $2. The analyst noted the following.
“SUI is approaching a support level that I think is crucial for further upside momentum.”
The analyst suggested that SUI could touch $2.4 if it rises again.
According to CoinGecko data, layer-1 blockchain SUI recorded close to $1 billion in transaction volume in the last 24 hours. The popular altcoin has a market capitalization of $5.563 billion.
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