Technical analysis of SUI today:

Current price: The price of SUI is currently trading around $3.82, with a decline of about 5% over the past 24 hours, after bouncing from a temporary peak at $4.44 to $4.04.

Overall trend: The market shows volatility, but SUI shows positivity as long as the price stays above key support levels like $2 or $1.95.

Technical analysis: Support and resistance levels

Support: A level of $1.95-2 is considered a strong support line (red line on the daily chart). As long as the price remains above this level, the trend remains positive.

Resistance: The level of $4.80 is considered a major resistance, where the coin has shown a bullish flag pattern that could drive the price towards this target if the current resistance at $3.75-4 is broken.

Potential bullish targets: If resistance at $3.75 is broken, the price could target $4 or even $4.80. Long-term forecasts suggest it could reach $11 if the bullish momentum continues.

Technical patterns:

Bullish flag pattern: Appeared on the daily chart, indicating the possibility of continued upward movement if the breakout is confirmed.

Double bottom: There are signals indicating the formation of a double bottom pattern, which is a bullish pattern often followed by a price increase.

Ascending channel: The currency is moving within an ascending channel, oscillating between support and resistance levels, which strengthens the positive outlook if the price remains above the trend line.

Technical indicators: RSI and MACD:

Indicators such as RSI and MACD are used to determine momentum strength. The indicators suggest the possibility of a strong breakout if the readings remain in the positive area.

Buy to sell ratio: Shows a high buy ratio compared to sell, reflecting traders' optimism about the rise.

Forecasts 😊

Today's forecast: Bullish scenario: If the price can break the $4 level with an increase in trading volume, it may head towards $4.80 in the near term. Continued liquidity inflow to the SUI network, especially in the decentralized finance (DeFi) sector, supports this scenario.

Corrective scenario: If the price fails to maintain the $3.75 level, it may retreat to test support at $3.21 or even $2. Any drop below $1.95 could turn the trend negative.

Recommendations: 🔥🔥📌

Entry points:

The $3.75-4 level can be monitored for entry if the breakout is confirmed with strong trading volume.

Exit points: Take profit at $4.80 or hold for higher targets if momentum continues. Set stop-loss orders below $1.95 to reduce risks.

Additional notes:

Market drivers: Increased investor confidence in the DeFi sector and liquidity inflow (such as USDC) into the SUI network enhance the positive outlook.

Risks: The cryptocurrency market is inherently volatile, so caution and careful risk management are advised.

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