Yesterday, the price of SUI shot up like a rocket, reaching a high of 4.9942, but then quickly fell back down, leaving a long upper shadow.
This indicates that there are many people eager to sell above, and the bulls may have lost their strength to push higher. The price quickly corrected, suggesting that the bears have started to gain the upper hand, providing an opportunity to short today.
Although the short-term moving averages are still trending upwards, the price has moved too far away from them, feeling a bit detached, and a correction may be imminent. The mid-term moving averages are also rising, but the price has surged too quickly, looking a bit overextended in the short term.
The Bollinger Bands have pushed beyond the upper band, indicating overbought conditions, and the bands have widened considerably, suggesting a return to the middle band may be forthcoming.
The MACD indicator shows that both the fast and slow lines are above the zero axis, with the red energy bars continuing to grow, but they may be nearing their peak, so caution is warranted against a reversal. The RSI indicator also indicates overbought conditions, with pressure for a correction.
After such a strong rally yesterday, SUI may need to take a breather today and adjust. Based on the pressures above and technical signals, I suspect the price may form a small top in the range of 4.80-4.90, and then gradually fall, testing the support below.
If the price returns to around 4.95, I will prepare to short in batches.
The first target profit level is set at 4.75.
The second target profit level is set at 4.60.
If the price breaks through 5.10, then I will cut losses and exit.
If the price breaks through 5.00 and holds, it may continue to rise.
SUI has been very volatile recently, so caution is advised, and stop-loss levels need to be well set.
SUI currently appears to be overheated, with significant pressure for a correction. Based on technical indicators, the main focus today will be on shorting, waiting for the price to rebound near key resistance levels to enter, and then taking profits in batches near important support levels.
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