I took entry at $2.95 for SUI. Let’s break it down based on the technical indicators and price action shown.
My $SUI Entry: $2.95
Current price: $3.175
Unrealised gain: ~$0.225 or about +7.6%
So yes, my entry at $2.95 appears to be a good short-term swing trade so far.
Technical Breakdown
1.Price Action
Recent low: $2.8467 (support)
Recent high: $3.2006 (24h resistance)
Current candle shows a strong bullish engulfing pattern, suggesting reversal or relief rally.
2.Moving Averages
MA(5): $39.97M
MA(10): $46.58M
The short MA is below the long MA → this is still a bearish alignment, but…
The candle just crossed above MA(5), hinting at potential short-term momentum shift.
3.MACD (Momentum)
MACD line (-0.0720) is still below signal and zero → bearish.
However, the MACD histogram is shrinking → bearish momentum is weakening, potentially signalling a reversal ahead.
4.RSI (Relative Strength Index)
RSI(7): 41.20, RSI(12): 41.44, RSI(24): 46.73
All RSI values are under 50 → still in neutral to slightly bearish territory, but moving up.
Short-Term Outlook (1D) Timeframe
Bullish Reversal Possible, but caution is needed:
Positives:
Price bounced from recent support (~$2.85).
Strong bullish daily candle.
RSI and MACD improving.
Volume shows some accumulation.
The Risk?
Need confirmation with another green daily close above $3.20.
Resistance zones: $3.20 and $3.41
Momentum still fragile; one red day could reverse gains, so it’s important to secure gains and Take Profits (which I’ll do)
My Opinion
I entered at a good point ($2.95), slightly above the local bottom. Current technicals suggest early signs of a bullish recovery, but resistance at $3.20-$3.41 must break for a stronger move.
If you’re trading short-term, you might:
Set stop-loss around $2.90 (just below support).
Watch for a breakout above $3.20 to possibly hold longer.
This is all my personal observations and analysis. I would love to hear yours as well!
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