🚀 $SUI Technical Analysis May 8, 2025: BREAKING ABOVE $3.40 RESISTANCE 🔥

📊 Market Insight
• Current Price: 3.4302 USDT, reflecting a strong upward movement from the 3.2333 low, up 1.32%.
• Moving Averages (MAs):
MA(7): 3.4105
MA(25): 3.3949
MA(99): 3.3528
The price is above all three MAs, with the MA(7) acting as immediate support, and the upward slope of the MAs confirms a short-term bullish trend.
• Volume: The recent volume (37,587 SUI) is significantly lower than the MA(5) at 990,742 SUI, suggesting a slowdown in buying pressure.
• MACD Line: 0.0086 (DIF: 0.0302, DEA: 0.0216).
• RSI:
RSI(6): 81.7240
RSI(12): 73.8892
RSI(24): 64.6046
The RSI is in overbought territory (above 70), particularly the RSI(6), signaling caution as the price may be due for a correction or consolidation.

📊 Important Levels to Watch
🔼 Resistance levels: 3.4390 (recent high), 3.4467 (next resistance based on chart), 3.4631 (upper chart edge and potential psychological target)
🔽 Support levels: 3.4105 (MA7), 3.3949 (MA25), 3.3739 (recent low)

💡 TRADE PLANS:
🐂 Bullish Trade Setup: Continuation above $3.4390
☑️ Entry Point: $3.4400 (entry if price breaks above 3.4390 with increasing volume)
🎯 Price Target:
TP1: $3.4467
TP2: $3.4631
🛑 Stop Loss: $3.4100 (below MA7 to manage risk)
⚠️ Confirmation: Look for a strong bullish candle close above 3.4390, a positive MACD histogram, and volume increasing above the MA(5) level.

🐻 Bearish Trade Setup: Rejection at $3.4390
☑️ Entry Point: $3.4250 (entry if price fails to break 3.4390 and shows a bearish rejection with a volume spike)
🎯 Price Target:
TP1: $3.4105 (MA7)
TP2: $3.3949 (MA25)
🛑 Stop Loss (SL): $3.4400 (above recent high)
⚠️ Confirmation: Watch for a bearish candle pattern, RSI(6) dropping below 80, and increased selling volume to confirm a reversal.

📌 Suggestion to open positions today: the overbought RSI and declining volume suggest caution—consider waiting for a pullback or a confirmed breakout before entering a position.

#sui #dailyearnings #signaladvisor