The current price of $SUI is $4.3576, and the chart shows a significant bearish movement over the last few candles, indicating a strong sell-off. However, there appears to be a bounce off a key support zone near $4.20, suggesting a possible reversal or consolidation.
Long Position:
Entry Point: Enter a long position if the price holds above $4.35 and confirms a breakout above $4.40.
Stop Loss: Place the stop loss slightly below $4.20, the support level.
Target: Aim for a target of $4.60 to $4.80, aligning with recent resistance levels.
Short Position:
Entry Point: If the price breaks below $4.20, consider entering a short position.
Stop Loss: Set the stop loss above $4.40.
Target: Look for targets at $4.00 and $3.80, previous demand zones.
Key Notes:
1. Monitor volume for confirmation of breakouts.
2. The 7-day and 90-day performance shows strength in the broader trend, so trade with caution in case of a strong rebound.
3. Adjust stop loss levels dynamically as price action evolves to protect profits.
Patience and disciplined execution are key to capturing opportunities from this setup.