Market Update: $SUI Long Liquidation 🚨

A long liquidation of $5.7712K occurred at $4.22274, showing that the bulls are losing control. This could lead to a price correction or consolidation. Let’s dive into the next steps for your strategy:

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Next Move Analysis

Buy Zone:

$4.05 to $4.20

Look for the price to dip into this range. If price stabilizes here, it could provide a good entry for a potential bounce.

Targets:

Target 1: $4.50 (First resistance level)

Target 2: $4.75 (Next resistance zone)

Target 3: $5.00 (Key resistance point)

Stop Loss:

$3.90

Set your stop loss below this level to minimize your risk in case the price continues to drop.

Technical Indicators to Watch

RSI: Watch for RSI to climb above 50, indicating a shift to bullish momentum.

Volume: Keep an eye on volume; a rise in volume near the buy zone confirms strong buying interest.

MACD: Look for a bullish crossover as a sign that upward momentum is building.

Trading Strategy:

1. Enter Buy Position:

Wait for the price to pull back into the Buy Zone ($4.05 - $4.20) and watch for signs of stabilization or reversal.

2. Monitor for Confirmation:

If price holds above $4.20 and shows upward movement, it could signal a good opportunity to enter the market.

3. Lock in Profits:

Scale out your position as price hits resistance points ($4.50, $4.75, $5.00) to secure profits.

4. Stay Disciplined with Stop Loss:

Place your stop loss at $3.90 to ensure protection if the market moves against your position.

Market Sentiment:

The long liquidation event shows that bulls are losing their grip. However, the market could still find support in the buy zone and reverse upwards. Be cautious but watch for a potential bounce.

Disclaimer: This is for informational purposes only and not financial advice. Always do your own research and trade responsibly.

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