SUI/USDT: Trading Idea (Spot Trading - Short Term):
Given the recent sharp decline and the subsequent consolidation, a cautious approach might be warranted. A potential short-term buy opportunity could be considered if we see further evidence of buying pressure and a break above a short-term resistance level.
Potential Entry Point: Consider an entry if the price breaks and holds above the high of the last significant green candle, which appears to be around $3.350 - $3.355. This would suggest that the recent downward momentum might be weakening.
Potential Exit Point (Take Profit): Aim for a modest profit target around the next potential resistance level. Looking at the chart, a possible target could be in the range of $3.380 - $3.390. This takes into account the recent high and potential selling pressure at slightly higher levels.
Stop Loss: It's crucial to implement a stop-loss order to protect against further downside. A stop loss could be placed below the recent consolidation low, perhaps around $3.325. If the price falls below this level, it could indicate a continuation of the downtrend.