technical analysis for the $SUI /USDT pair based on the provided data:
Technical Analysis:
Current Price: 3.5902 USDT
24h High: 3.6229 USDT
24h Low: 3.1783 USDT
24h Change: +10.25%
Volume: 291.62M USDT (indicating strong trading activity)
Key Levels to Watch:
Resistance Levels:
1. 3.6229 USDT – A key resistance where the price has recently reached. Break above this level could lead to further bullish movement.
2. 3.6805 USDT – Next major resistance point, further confirming the bullish trend.
Support Levels:
1. 3.1783 USDT – Recent low, acting as solid support. A drop below this level could signal a bearish trend.
2. 3.59 USDT – Current price could act as support if tested.
Momentum Indicators:
The current 24h increase of +10.25% suggests strong bullish momentum.
The depth shows buying pressure at the 3.6229 USDT level, further supporting the idea of upward momentum.
RSI (Relative Strength Index) and MACD (if checked) would give more clarity on whether the price is overbought or oversold for additional confirmation.
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Trade Signals:
1. Buy Signal (Bullish Momentum):
Entry: Around 3.59 USDT (current price). If it holds above the 3.59 level and shows strong buying momentum, consider entering.
Target 1: 3.6229 USDT – A short-term target if the price breaks resistance.
Target 2: 3.6805 USDT – If the price continues its upward momentum.
Target 3: 3.75 USDT – Next possible level of resistance beyond 3.68.
2. Sell Signal (Bearish Momentum):
Entry: If the price breaks below 3.59 USDT and shows weakness.
Target 1: 3.18 USDT – The 24h low could act as a key support.
Target 2: 3.10 USDT – Potential next support level for further downside.
3. Stop Loss:
For long positions, set a stop loss near 3.55 USDT to minimize risk in case of a sudden pullback.
For short positions, consider a stop loss near 3.65 USDT if the price rises above key resistance.