๐ $SUI Technical Analysis May 7, 2025: HOLDING ABOVE $3.38 AFTER A STRONG BOUNCE? ๐ฅ
๐ Market Insight
โข Current Price: 3.3923 USDT, up 1.66%.
โข Moving Averages (MAs):
MA(7): 3.3848
MA(25): 3.3552
MA(99): 3.2898
The price is currently above all three moving averages, indicating a short-term bullish momentum.
โข Volume: Volume remained elevated during the recovery showing strong buying interest that supported the bounce.
โข MACD Line: -0.0073
โข RSI:
RSI(6): 54.5690
RSI(12): 58.2349
RSI(24): 55.1290
The RSI indicators are in neutral to slightly overbought territory.
๐ Important Levels to Watch
๐ผ Resistance levels: 3.4467 (recent high), 3.5130 (next resistance based on chart levels), 3.6000 (psychological level)
๐ฝ Support levels: 3.3848 (MA7), 3.3552 (MA25), 3.3100 (recent consolidation zone)
๐ก TRADE PLANS:
๐ Bullish Trade Setup: Continuation of upward momentum
โ๏ธ Entry Point: $3.4000 (entry if price holds above 3.3848 with increasing volume)
๐ฏ Price Target:
TP1: $3.4467
TP2: $3.5130
๐ Stop loss: below $3.3552
โ ๏ธ Confirmation: Look for a bullish candle close above 3.4000, a narrowing or positive MACD, and RSI(6) staying above 50 without entering overbought territory (>70).
๐ป Bearish Trade Setup: Rejection at resistance
โ๏ธ Entry Point: below $3.3848 (entry if price fails to hold above MA7 and shows rejection with a volume spike)
๐ฏ Price Target:
TP1: $3.3552
TP2: $3.3100
๐ Stop loss (SL): above $3.4467
โ ๏ธ Confirmation: Watch for a bearish candle pattern and RSI(6) dropping below 50 with increased volume.
๐ Suggestion to open positions today:
#SUI is showing short-term bullish momentum after a strong bounce from 3.1200, with the price now above all key moving averages at 3.3923. The RSI suggests caution as it approaches overbought levels, so a pullback or consolidation could occur if it fails to break 3.4467.
