Is SUI Ready for a Breakout? Technical Indicators and Trading Strategies
The price of $SUI has been oscillating within a tight range, facing resistance at the $0.9384 level. Recently, it saw a slight retracement after touching this level, closing the day at $0.9322.Â
This pullback indicates that sellers are still active at this price point, making $0.9384 a significant resistance level to watch in the short term. Another key resistance sits at $0.954, with a longer-term target at $1.0266. On the downside, $0.8909 and $0.8875 serve as the main support levels for SUI, with the latter marking a critical threshold for maintaining bullish sentiment.
The 9-day and 20-day EMAs (Exponential Moving Averages) are signaling caution for both bulls and bears. While the SUI price remains slightly above the 9-day EMA, it has been gradually losing momentum. If the price falls below this level, it could trigger a deeper pullback towards the 20-day EMA, which could align with the support levels mentioned earlier. Traders looking for a potential long entry might consider waiting for a break above $0.9384 with strong volume, as this would signal renewed bullish momentum.
From a momentum perspective, the MACD (Moving Average Convergence Divergence) indicator is currently hovering near the neutral zone, with a slight bearish divergence. The MACD histogram shows small negative values, indicating that bearish pressure is growing but is still weak. This suggests that while the bullish momentum has slowed, the bears havenât fully taken control yet. A decisive move below the signal line on the MACD could signal further downside, making it an attractive opportunity for short sellers to enter around $0.9384, with a potential exit near the $0.8909 support. #SUI #altcoins #TrendingInvestments The full analysis and trade strategy were posted on www.ecoinimist.com.