Technical Analysis
Moving Averages:
The MA60 (3.3713) indicates medium-term support, and the price is currently above it, suggesting a bullish sentiment.
The short-term MAs (MA5 and MA10) are also sloping upward, indicating short-term strength.
Volume:
A significant volume spike occurred recently, likely driving the sharp price movement. Sustained high volume is needed for continuation.
Support and Resistance Levels:
Resistance: $3.54 (24-hour high) and $3.65 (recent significant level).
Support: $3.37 (MA60) and $3.25 (psychological level).
Indicators:
Volume indicates strong buying pressure, but watch for weakening.
The price is approaching resistance, so caution is advised for new entries.
Trade Strategy
1. Long Position
Entry: $3.35–$3.37 (on a pullback near MA60 or support levels).
Take Profit (TP):
First target: $3.50 (key resistance).
Second target: $3.65 (next resistance).
Stop Loss (SL): $3.25 (below key support).
Trade Duration: 1–3 days (short-term), extend if trend remains bullish.
2. Short Position
Entry: $3.50–$3.54 (if price rejects resistance levels).
Take Profit (TP):
First target: $3.40 (short-term support).
Second target: $3.25 (key support).
Stop Loss (SL): $3.60 (above recent high).
Trade Duration: 1–2 days, exit quickly if resistance holds strong.
Contingency Plan
If Signals Turn Against You:
For Long Positions:
Close the trade if price falls below $3.25 with high volume, signaling a trend reversal.
For Short Positions:
Close the trade if price breaks and sustains above $3.60, indicating further bullish momentum.
Hedge: Consider using smaller position sizes or placing simultaneous long/short trades to minimize risk.
Notes
Monitor Bitcoin and broader market sentiment as SUI/USDT can be influenced by major cryptocurrencies.
Avoid chasing the price; wait for confirmed setups to avoid entering during high volatility.
