SUI/USDT chart from Binance, here’s a technical analysis and trading insight to help you evaluate the opportunity for profit:
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Current Price Summary:
Price: $3.3001
Change: -4.39% (indicates recent bearish pressure)
Support Level: Around $3.26 (visible recent low)
Resistance Level: Around $3.56 (past local high)
Trend: Downtrend in short term (red candles with lower highs and lower lows)
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Technical Indicators:
1. Volume:
Volume has slightly decreased, indicating weakening selling pressure.
Watch for a spike in green volume bars as a potential reversal sign.
2. Moving Averages (MA):
MA(5) (yellow) is below MA(10) (purple) = short-term bearish.
A crossover (MA5 > MA10) would be an early bullish sign.
3. MACD:
MACD: -0.0262 (negative, bearish momentum)
Signal Line: Above MACD = still bearish
If MACD starts rising toward the signal line, trend reversal may follow.
4. RSI (Relative Strength Index):
RSI(6): 19.46 = oversold territory (possible rebound soon)
RSI(40): 51.8 and RSI(60): 54.25 = neutral longer term
Oversold RSI(6) suggests a potential bounce back soon, especially if it crosses 30 upward.
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Strategy Recommendation:
Short-Term Trader (Scalping/Day Trade):
Watch $3.26 closely. If price forms a double bottom or bullish candlestick pattern there, consider buying with stop loss below $3.20.
Target: $3.43 – $3.56 range (short-term resistance).
Tight stop loss: $3.18
Swing Trader:
Wait for bullish divergence (price going lower but RSI or MACD going higher).
Enter when price breaks above MA(5) and volume confirms.
Target: $3.60+
Stop loss: $3.20
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Risk Management:
Use stop losses strictly.
Don't invest more than 2–5% of your capital per trade.
Monitor price action around key levels.
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