SUI has surged recently, what is the short-term trend? 🔥

Token name: SUI

Current price: $2.22

📊 Market sentiment analysis

Recent news shows that traders are bullish on SUI and expect a bullish breakout of $2.

Since September 2024, SUI has grown by as much as 175%, indicating strong investor interest.

Despite some negative news about SUI price falling below $2, the overall sentiment remains optimistic and a rebound is expected.

📈 Technical analysis

The RSI is currently at 55.88, indicating a neutral position, but has recently fallen from overbought levels.

The Bollinger Bands show that the price is close to the middle band, indicating that it could move in either direction.

The pivot point shows that the current price is above the pivot point of $2.215, with resistance at $2.2254 and support at $2.1961.

The DMI shows a strong trend, the ADX is 48.20, and the positive directional index (PDI) is significantly higher than the negative directional index (MDI), indicating bullish momentum.

The MACD is slightly negative, and the histogram shows a slight bearish divergence.

The KDJ indicator shows that the K value has recently declined, indicating a possible reversal or consolidation phase.

💡 Recommendations and Trading Strategies

Given the positive market sentiment and strong DMI trend, consider going long, but be cautious of potential short-term volatility.

For short-term trading, monitor price action around the pivot point and resistance level. A breakout above $2.2254 could signal further gains.

Set the stop loss slightly below the support level of $2.1961 to manage risk.

Given the mixed technical indicators and positive sentiment, the confidence in the analysis is moderate.

The technical analysis is based on the 1-hour candlestick chart indicator, and users who like short-term trading can refer to it.

Once again, the current market volatility is large, so do a good job of stop profit and stop loss. The analysis is for reference only, DYOR!

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