$SUI SUI/USDT pair with a 15-minute time frame. Here's the technical analysis:
1. Main Trend:
The current price indicates bearish pressure, with a sharp drop after a sideways phase.
The Moving Averages (MA9 and MA25) show a bearish crossover (MA9 crosses below MA25), signaling potential continuation of the downtrend.
2. RSI Indicator:
RSI is around 20, approaching the oversold area, suggesting a potential rebound in the near term.
3. MACD:
The MACD line is below the signal line, confirming bearish momentum.
The MACD histogram is negative and widening, indicating increasing selling pressure.
4. Volume and OBV:
Trading volume spiked during the last bearish candle, confirming the strength of the downtrend.
On-Balance Volume (OBV) is declining, indicating selling pressure dominance.
5. Stochastic RSI:
The Stochastic RSI is in the oversold area (<20), supporting the likelihood of a rebound in the next few hours.
---
Trading Recommendations for the Next 12 Hours:
Buy Entry:
Enter a buy position around the strong support area at $3.50 - $3.55, as this is a potential rebound zone (oversold RSI and Stochastic).
Stop Loss (SL):
Set the SL slightly below the critical support level, at $3.48.
Take Profit (TP):
First TP level at $3.70 (nearest resistance level).
Second TP level at $3.80, if bullish momentum strengthens.
In Case of a Bearish Breakout:
If the price breaks below $3.48 with high volume, avoid entering a buy position and wait for confirmation of a new support level.
Notes:
Pay attention to volume, candle rejection around the support area, and changes in RSI and MACD to validate entry decisions.
Reevaluate if the price approaches the stop loss level.