#CryptoTrading.
šTechnical Analysis (1 hour) $SUI /USDT
1. Price Action and Trend:
ā¢ The chart shows a recent decline after a local high near 3.8934. The price has dropped to a support level around 3.5182.
ā¢ There are signs of a possible reversal or consolidation as the price is approaching the lower Bollinger Band (DN: 3.4575).
2. Bollinger Bands (20, 2): The price is touching the lower band, which could signal oversold or potential support.
3. MACD: DIF (-0.0684) and DEA (-0.0511) are showing a negative zone with a negative MACD (-0.0173) confirming the bearish trend. However, a divergence between the MACD and the price could indicate a possible weakening of the decline.
4. Stochastic RSI: The value of 1.8301 (MASTOCHRSI: 1.6706) is in the oversold zone, which may indicate a possible rebound.
5. Volumes: There is an increase in volume during the decline, which reinforces the strength of the bearish movement, but the recent decrease in volume may indicate that the momentum is exhausted.
6. Support and resistance levels:
ā¢ Support: ~3.5182 (current level).
ā¢ Resistance: ~3.6822 (Bollinger average) and ~3.8934 (local high).
ā ļøConclusion: The bearish trend is currently dominant, but technical indicators (Stochastic RSI and Bollinger Bands) hint at a possible upward correction in the short term, if the price holds above 3.5182. It is recommended to monitor volumes and the level of 3.4575 for confirmation of further movement.