Let's take a quick look at SUI
Let's take a quick look at SUI. This project became very popular due to its exciting DeFi ecosystem and quickly gained a high market cap in 2024. It is currently ranked 13th on CoinMarketCap.
🔍 As you can see, SUI, like the rest of the market, entered a corrective phase after reaching the $5.2689 resistance and has dropped to $2.9418, which is reasonable considering its long-term uptrend.
📉 For a short position, the setup is clear, and we have a strong trigger at $2.9418. If the price gets rejected from this area, which aligns with the SMA99, and forms a lower high compared to $3.6823, we will likely see the next bearish leg. The target for this move could be around $2.3466.
📈 Given the strong buying volume seen in the recent candles, if the price manages to stabilize above the SMA99 and confirms a break above $3.6823, we can confirm a trend reversal. This could even lead to the next bullish leg within the High Wave Cycle (HWC). The first scalping target for this position would be $4.2569, while the longer-term target would be $5.2689.
✔️ The RSI oscillator is also reacting very technically, bouncing off the 30 level, breaking and retesting 50, and is now approaching 70. If this resistance is broken, a wave of greed could enter the market, potentially leading to a price pump.
🔍 As you can see, SUI, like the rest of the market, entered a corrective phase after reaching the $5.2689 resistance and has dropped to $2.9418, which is reasonable considering its long-term uptrend.
📉 For a short position, the setup is clear, and we have a strong trigger at $2.9418. If the price gets rejected from this area, which aligns with the SMA99, and forms a lower high compared to $3.6823, we will likely see the next bearish leg. The target for this move could be around $2.3466.
📈 Given the strong buying volume seen in the recent candles, if the price manages to stabilize above the SMA99 and confirms a break above $3.6823, we can confirm a trend reversal. This could even lead to the next bullish leg within the High Wave Cycle (HWC). The first scalping target for this position would be $4.2569, while the longer-term target would be $5.2689.
✔️ The RSI oscillator is also reacting very technically, bouncing off the 30 level, breaking and retesting 50, and is now approaching 70. If this resistance is broken, a wave of greed could enter the market, potentially leading to a price pump.
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Wyłączenie odpowiedzialności
Informacje i publikacje przygotowane przez TradingView lub jego użytkowników, prezentowane na tej stronie, nie stanowią rekomendacji ani porad handlowych, inwestycyjnych i finansowych i nie powinny być w ten sposób traktowane ani wykorzystywane. Więcej informacji na ten temat znajdziesz w naszym Regulaminie.