$SUI SUI/USDT
Chart Analysis
1. Current Price: 3.6331
2. Main Trend:
The price shows a sharp increase but currently indicates consolidation or potential reversal.
Moving Average (MA):
The short MA is above the long MA, signaling an ongoing uptrend.
MACD:
The histogram is positive but appears to be narrowing, suggesting weakening bullish momentum.
RSI:
Near the overbought zone (>70), indicating a possible price correction.
Stochastic:
In the high zone, supporting the possibility of a retracement or pullback.
3. Volume:
Trading volume has increased, indicating strong market interest, but there are signs of a decline at the recent peak.
Strategy for the Next 8 Hours
Buy Entry:
If the price bounces off the support level at 3.62 or lower (3.60) with confirmation from a bullish candlestick.
First target: 3.68 (minor resistance).
Second target: 3.75 (next resistance based on previous price structure).
Stop Loss (SL):
Place the SL below the nearest support at 3.59 (to minimize risk if the price breaks downward).
Notes:
Avoid entering if volume continues to decrease or if RSI and Stochastic remain in the overbought zone without correction.
Watch for the formation of key candlestick patterns (e.g., hammer or bullish engulfing at support levels for a safer entry).