Current Price and Market Performance $SUI
- Current Price: $3.52.
- Daily Change: up +8.99% to +9.31% over 24 hours.
- Market Cap: $12.15 billion, ranked #15 globally.
- Trading Volume: $1.97 billion over 24 hours, up 74% in derivatives.
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📊 Main Technical Analysis
1. Market Direction:
- Break of the downtrend channel and shift to an upward trend after stabilizing above $2.7.
- Price is currently trading above major moving averages:
- 50 Days: $3.02.
- 100 Days: $3.07
- 200 Days: $3.00.
2. Technical Indicators:
- MACD: Shows a buy signal since June 28, supporting bullish momentum.
- RSI: on the weekly frame indicates an overall downward trend (reading below 50), but daily momentum is positive.
- Oscillators: indicate "neutral" with a slight buying bias in the short term.
3. Support and Resistance Levels:
- Strong Support: $3.00 - $3.20 (moving averages zone).
- Near Resistance: $3.50, then $4.00 (major psychological level).
- Upside Target: $6.00 if momentum continues with Bitcoin rising.
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💡 Short-term Forecast and Trading Strategy
- Daily Range: the price may test $3.50, and if it breaks it, the next target is $4.00.
- Suggested Strategy:
- Buy at: $3.20 - $3.30 (near support).
- Take Profit: at $3.90 - $4.00.
- Stop Loss: below $3.00.
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Summary
Today, SUI shows strong upward momentum supported by positive technical indicators and growth in fundamentals (especially in DeFi). However, caution is advised regarding volatility, and monitoring the $3.50 level as immediate resistance is recommended. Trading above $3.00 maintains a bullish outlook in the short term.
#TradingStrategyMistakes
