$SUI /USDT Technical Analysis
Current Situation:
SUI is currently trading at $3.5268, down 7.26% in the last 24 hours. The price has been consolidating in a range between $3.5268 and $3.8074.
Technical Analysis:
The chart shows a bearish engulfing candlestick pattern, indicating potential further downside. The RSI is below 50, confirming bearish momentum.
Trade Ideas:
Short Trade:
* Entry: $3.5268
* Target: $3.3663
* Stop Loss: $3.6746
* Leverage: 2x
Long Trade:
* Entry: $3.4229
* Target: $3.8074
* Stop Loss: $3.1000
* Leverage: 2x
Market Outlook:
The bearish engulfing pattern suggests a potential bearish trend in the short term. However, the market may consolidate before making a significant move. Traders should monitor the price action closely and adjust their positions accordingly.
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