SUI Market Analysis – Wave 1 Nearing Completion
Overview:
SUI continues its impressive bullish run, closely following a 5-wave Elliott impulse structure from the April 7th low. Price action has respected all defined support zones, with current focus on the final leg of wave 5 in yellow wave 1.
Key Observations:
Structure: Clear 5-wave move up from the April low is nearing completion of wave 5 of 1.
Resistance Zone: The price is approaching the $4.20–$4.30 region, expected to act as resistance and potential short-term top.
Micro Support: A critical short-term support zone lies between $3.88 and $3.65. A break below $3.65 signals a possible top and start of wave 2 correction.
Wave 2 Support Zone (Preliminary): $2.93–$2.06, based on Fib retracements. A drop below $2.06 would weaken the bullish outlook significantly.
Trade Setup:
Entry (For short-term trade): On minor dip near $3.90–$3.95, targeting final wave 5 push.
Take-Profit Targets:
TP1: $4.20
TP2: $4.30
Stop Loss: Below $3.65 (invalidates immediate upside wave count)
Risk Management Note:
Watch for signs of topping structure (lower highs, break of trendline support, loss of momentum). Once wave 1 completes, a correction in wave 2 may offer a better long-term entry.
Conclusion:
Momentum remains bullish in the short term with $4.30 as the next upside target. Caution is advised if price breaks below micro support at $3.65, signaling potential wave 2 retracement.
#SUI #CryptoAnalysis #MarketUpdate #MarketAnalysis #CryptoNews
