SUI Daily Market Update – Bullish Structure in Progress
Market Overview:
SUI continues its upward trend on the daily chart, showing strength with a potential five-wave Elliott structure. Currently, three waves are confirmed, and we're tracking a possible completion of wave 4 followed by wave 5 upside.
Key Technical Insights:
Wave Count Status: Yellow count tracking a five-wave move in circle wave 1. Currently in or near the end of wave 4.
Resistance Zone: $4.17 (next Fibonacci level), but SUI historically ignores fib resistance.
Support Zones:
Nano Support: $3.32 – $3.45 (near-term bounce zone)
Strong Support: $3.02 – $2.79 (if wave 4 deepens)
Invalidation Level (Stop-loss area): Below $2.79 invalidates the bullish setup.
Trade Plan:
Entry #1 (Aggressive): $3.35 – $3.45 (near nano support)
Entry #2 (Conservative): $3.05 – $3.10 (if price dips to stronger support)
Stop-Loss: $2.75 (below structural invalidation)
Target 1: $4.17 (immediate resistance)
Target 2: $5.20 – $5.50 (extension of wave 5)
Target 3 (Mid-Term): $7.35 – $10.90 (macro wave target zone)
Strategy Note:
We are watching for confirmation of the 5-wave structure. If wave 5 completes soon, expect a wave 2 pullback, offering another long entry. A strong bullish continuation could invalidate the wave 2 and push directly into higher targets.
Sentiment: Bullish Bias, but flexible based on wave 4 development.
#SUI #CryptoAnalysis #MarketUpdate #MarketAnalysis #CryptoNews
