🟱SUI/USDT (1H) Trading Signal:

📉 Chart Pattern:

‱ Down Channel: The price has been trending downward in a channel, but it is approaching the support area, where a potential reversal is expected.

📊 Support & Resistance:

‱ Support: $1.6944

‱ Resistance Levels:

‱ $1.8003: Immediate resistance after the channel breakout

‱ $1.8628: Next resistance if momentum continues upward

‱ $1.9360: Key resistance level where price may consolidate or reverse

📈 Technical Indicators:

‱ RSI: Currently at 52.25, showing an upward trend from the oversold zone, signaling a potential bullish reversal. However, it is still below 60, so upward momentum is gaining but not strong yet.

‱ Breakout: A potential breakout of the down channel is indicated on the chart, with a projected bullish move to higher price targets.

🔍 Trade Setup:

‱ Entry Point: Consider entering near the support area around $1.75 if confirmed by bullish price action or breakout from the down channel.

‱ Take Profit (TP):

‱ TP1: $1.800

‱ TP2: $1.862

‱ TP3: $1.936

‱ Stop Loss (SL): Place a stop loss below the support level around $1.694 to minimize downside risk.

⚠ Risk Management:

‱ Risk/Reward Ratio: Aim for a favorable risk/reward of 1:2 or better, ensuring that the potential upside justifies the risk taken.

📅 Time Frame: Short to medium term (1-3 days).

đŸ”„ Conclusion: The price is currently consolidating near the support area. A bullish breakout above the channel is likely, and the price may head toward higher resistance levels if momentum continues.

Disclaimer:

$SUI

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