Here’s an interesting take on the SUI/USDT charts:
- The 1.75 level battle: This support level has been the battleground between buyers and sellers, and so far, buyers seem to have the upper hand. It’s interesting to note how the price bounces off this level multiple times, showing that there’s significant demand around 1.75. Think of it as the market saying, "We won’t let it drop below here easily!" This creates an opportunity for dip buyers who thrive on these psychological levels.
- RSI’s tipping point: While the RSI is still on the rise, it’s flirting with overbought levels on the shorter time frames (close to 70 on the 15-minute chart). This could lead to an interesting scenario: If the price manages to push through without hitting resistance, it might create a short squeeze, where late sellers rush to buy back, pushing the price even higher. But on the flip side, the market might take a breather, and you could see a sharp pullback as traders take profit.
- MACD divergence brewing?: In the 4-hour chart, even though the MACD remains in bearish territory, its slowing down suggests that sellers are losing steam. If this divergence continues, we could see the MACD cross above the signal line soon, which would be an early sign of a possible trend reversal. For savvy traders, this presents an opportunity to enter the market before the larger crowd catches on.
- Price action is getting interesting: The last few candles show smaller bodies with longer wicks—this often signifies indecision. The market is at a crossroads, and it’s waiting for a catalyst to decide the next big move. This is a critical moment where the market sentiment could shift rapidly. A break above 1.85 could attract breakout traders, driving a swift move towards 1.90 or beyond. Alternatively, a failure to break higher could lead to a retest of 1.75.
Conclusion:
It’s a waiting game for now, but the brewing RSI and MACD divergence, along with strong support at 1.75, could lead to an explosive move in either direction.
