$SUI TLovers, please come closer 😊

Technical Analysis:

Trend: The chart shows a recent upward trend with a correction. The price has surpassed the 20-period EMA (around $3.8308) but is now declining, indicating a possible downward momentum.

RSI (6): 17.4526, which is in oversold territory (

Support Levels: $3.7616 (24h low), $3.8043 (recent support) and $3.3308 (stronger support if broken).

Resistance Levels: $4.0341 (24h high), with a possible next resistance at $4.0443.

What's Happening with SUI?

The recent increase of 3.58% followed by a correction suggests profit-taking or uncertainty in the market. The oversold RSI indicates that the price may have been oversold after a rapid increase, leading to a correction. A high volume (186.90M USDT) reflects active trading, but the decrease in momentum could signal a downward movement in the short term.

Short-Term Outlook:

Bearish Case: If the price breaks below $3.8308 (EMA), it could test $3.7616 or drop further to $3.3308, especially with the oversold RSI that could attract more sellers.

Bullish Case: A bounce from the current levels ($3.9162) to $4.0341 is possible if buying pressure resumes, although the RSI suggests limited upward momentum.

Conclusion:

SUI is currently in a correction phase after a rally, making it a candidate for a short position if it breaks below $3.8308. Monitor volume and RSI for confirmation.