Looking at the SUI/USDT charts, we can observe some notable patterns and trends:
- RSI Levels: On all time frames, the RSI is relatively low, with the 4-hour RSI around 24, indicating that the asset is approaching or is already in oversold territory. This could signal a potential bounce in the near term if buyers step in.
- MACD: The MACD on the 4-hour chart remains in bearish territory, but the 15-minute chart shows slight bullish momentum with the MACD line crossing above the signal line. This might indicate a short-term recovery or relief rally.
- Support Level: There seems to be strong support around the 1.78 level. The price has tested this level multiple times and has bounced back each time, which suggests a buying opportunity near this level if it holds.
- Price Action: The price hit a low of 1.7468 and has since rebounded slightly, showing some strength in the short term. However, it remains to be seen if this bounce is sustainable.
Prediction:
There is potential for a short-term recovery given the oversold conditions and signs of a small bounce. If 1.78 holds as support, we could see a rise back towards 1.85 or 1.90 in the short term. However, the mid-term outlook remains cautious unless there is stronger buying pressure or a clear reversal pattern on higher time frames.
