Yesterday, the price of SUI shot up like a rocket, reaching a high of 4.9942, but then quickly dropped back down, leaving a long upper shadow.
This indicates that there are many people eager to sell above, and the bulls may have lost strength to push higher. The price quickly retraced, suggesting that the bears are starting to gain the upper hand, providing an opportunity to short today.
Although the short-term moving averages are still rising, the price has strayed too far from them, becoming a bit detached, and may pull back. The medium-term moving averages are also rising, but the price has surged too sharply, appearing a bit overextended in the short term.
The Bollinger Bands show that the price has broken out of the upper band, indicating overbought conditions, and the bands are wide, suggesting a potential return to the middle band.
The MACD indicator shows that both the fast and slow lines are above the zero axis, with the red energy bars still growing, but it may be reaching a peak, so caution is advised for a reversal. The RSI indicator also shows overbought conditions, indicating pressure for a pullback.
Given such a sharp rise yesterday, SUI may need to take a break and adjust today. Based on the pressure above and technical signals, I suspect the price may form a small top in the range of 4.80-4.90, then gradually drop to test the support below.
If the price returns to around 4.95, I will prepare to short in batches.
The first profit target is set at 4.75.
The second profit target is set at 4.60.
If the price breaks through 5.10, then I will stop loss and exit.
If the price breaks through 5.00 and holds, it may continue to rise.
SUI has been very volatile recently, so operations must be cautious, and stop-loss levels should be set appropriately.
SUI currently looks overheated, with significant pullback pressure. Based on technical indicators, the focus today should be on shorting, waiting for the price to rebound near key resistance levels to enter, and then taking profits in batches at important support levels.
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