Family, gather around! Brother Yang is going to talk about the much-discussed SUI afternoon trend today. Right now, SUI is a bit precarious, clearly showing a bearish trend in the short term, currently priced at 3.6 USD, facing considerable downward pressure ahead, everyone must keep a close watch!
First, let's look at the key support level. The SUI price is testing around 3.39 USD, which is critical. If this support level cannot hold, the price could plummet like a floodgate opening, likely plunging into a new round of downward space, and that scene won’t be pretty.
Next, let's examine the technical indicators, which are like the little followers of bears. The RSI is currently around 41, below the neutral level of 50, indicating that bearish momentum is rampant, and it hasn’t reached the oversold zone, which means there’s a high probability of more downward space. The MACD has also issued a bearish signal, lingering below the zero axis, as if to say that the bearish momentum will continue for a while.
Additionally, looking at the moving average system, the SUI price is firmly below several important exponential moving averages including the 10-day, 20-day, 50-day, and 100-day EMA, which is like being bound by heavy shackles, a typical technical signal of a bearish trend.
In terms of operation, Brother Yang suggests a path for everyone. Consider shorting around 3.6000 - 3.6160, with the initial target looking toward 3.5580. If the bears get a bit stronger, then aim for around 3.5100. However, the market changes rapidly; real-time trading is the king, and everyone must be flexible and act according to the situation! #SUI