$SUI /USDT Technical Analysis
Current Market Structure: Bullish
The chart shows a bullish trend with a potential continuation of the upward momentum. A bullish engulfing candle has formed, indicating strong buying pressure.
Trade Ideas:
Long Trade:
* Entry: Buy at the current price around 3.3986
* Target: 3.8939 (Resistance level)
* Stop Loss: 2.9722 (Support level)
Short Trade:
* Entry: Wait for a retracement to the 2.9722 support level
* Target: 2.9283 (Strong support level)
* Stop Loss: Above the recent high (around 3.8500)
Leverage: 2x-5x
Market Outlook: Bullish
The bullish engulfing candle and the upward trend suggest a potential continuation of the bullish momentum. However, monitor the market closely for any signs of reversal. A break below the 2.9722 support level could signal a bearish reversal.
Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Conduct your own research and consult with a financial advisor before making any investment decisions.
