$SUI

📊 Technical Analysis: SUI/USDT (1 hour) 🕐

🔍 General Summary: The SUI/USDT pair is trending down with most indicators and moving averages pointing to a bearish bias. The market is in a consolidation phase, but with prevailing selling pressure.

Technical Signals to Note:

Oscillators: Most oscillators are in a neutral bias, indicating little volatility or subtle price changes in the short term. The Relative Strength Index (RSI) is at 39.50, suggesting that the asset is not yet in oversold territory, but is approaching it.

MACD: The MACD is at -0.0289, indicating that momentum is bearish, reinforcing the prospect of a bearish trend in the short term.

Moving Averages: All moving averages, both exponential and simple (10-200 period) are showing a bearish bias, which is a strong signal that the price is consistently below important support levels at the moment.

Critical Levels:

Supports:

First relevant support: 1.622 USDT

Second support: 1.403 USDT

Resistances:

First resistance: 2.035 USDT

Second resistance: 2.230 USDT

Recommended Strategy:

⚡ Neutral Oscillators: With most oscillators in a neutral bias, caution is advised when entering new positions as the price may continue to consolidate in the short term.

💡 Bearish Moving Averages: All moving averages indicate continued selling pressure. A break below the 1.622 USDT support could open the way for steeper declines, while a reversal above the 2.035 USDT resistance could signal a bullish resumption.

Conclusion:

The 1-hour chart for SUI/USDT indicates that the asset is in a bearish trend, with limited swings and consolidating near support levels. If the price breaks the nearby supports, the downtrend could intensify, but a reversal scenario is still possible if the price breaks the resistances.