The trend of $SUI is really nerve-wracking. Is it going to cool down all the way or suddenly soar?
Currently, on the daily chart, it is clearly in a downward oscillation. Several attempts to break through the key resistance level have failed, and in the short term, the bears clearly have the upper hand.
There are no significant positive news to support the market, and the bulls have no reason to gain momentum. The trading atmosphere in the market is also filled with caution.
Right now, we need to closely monitor two key levels: 3.55 and 3.3. 3.55 is a tough nut to crack; it has been pushed down multiple times after rebounding to this level. If it touches this level again, the bears will likely come out to apply pressure; 3.3 is an important support line, and once it breaks, the price may slide directly to 3.2.
Currently, the bulls and bears are in a stalemate. Without positive news backing, the bears are naturally more arrogant, so don’t blindly chase rebounds. I think there’s a 70% chance that the bears will dictate the trend—first a small rebound to 3.55 to lure in the bulls, and then hit hard after trapping them in, initiating a new round of decline after breaking 3.3; the remaining 30% chance depends on the bulls encountering unexpected positive news to violently break through 3.6 to reverse the trend, but this probability is really too low, so we must keep a close watch on market movements.
At this stage, the safest approach is still to observe first and not to enter the market easily. If the rebound quickly touches 3.55, it’s worth trying a short position with a small amount; if the price suddenly surges past 3.6, quickly close the short position and see if it’s necessary to switch to a long position, aiming for the target area around 3.7-3.8.
