$SUI /USDT: Is the Downtrend Reaching Support?
Current Price: $4.5437 (-10.91%)
Sui ($SUI ) has faced a sharp correction, trading near its daily low of $4.5064 after reaching a high of $5.1517 earlier in the session. The asset is struggling to hold key support levels as selling pressure continues.
Key Levels to Monitor:
Immediate Support: $4.50 (Daily low)
Resistance: $4.88 (Previous intraday high)
24-Hour Range: $4.5064 - $5.1517
Observations:
Significant drop in the last 24 hours suggests bearish sentiment dominating.
Volatility remains high with a trading volume of $421.12M, presenting potential short-term trading opportunities.
A break below $4.50 could open the door to further downside, while a rebound above $4.60 might signal stabilization.
Potential Strategies:
Bullish Setup: Watch for a bounce above $4.60 with targets at $4.75 and $4.88.
Bearish Setup: If the price breaks below $4.50, look for shorting opportunities targeting $4.40 or lower.
Stay cautious as SUI remains highly volatile. Is this dip a chance to buy or a warning of deeper corrections? Stay updated with market trends and manage risk effectively.