Complete analysis of the SUI/USDT currency pair. We can draw the following analytical points: $SUI
* Trading pair: SUI/USDT. The currency being analyzed is SUI, which is a relatively new cryptocurrency, and it is priced against the US Dollar Tether (USDT), which is a stablecoin.
* Current price: $3.2152. This is the last recorded trading price for SUI at the time of the snapshot.
* Change over 24 hours: ⬆️
* Highest price in 24 hours: $3.3998.
* Lowest price in 24 hours: $3.1832.
* Percentage change: -4.80%. This indicates a significant decrease in the price of SUI over the past 24 hours, reflecting selling pressure.
* Trading volume over 24 hours:
* SUI volume: 43.44 million SUI units.
* USDT volume: $143.49 million. This volume indicates moderate trading activity and sufficient liquidity for the currency in this timeframe.
* Candlestick chart:
* The chart on the displayed timeframe (which appears short-term, perhaps one hour or 4 hours based on the number of candles and their details) shows significant price fluctuations.
💡* We observe a series of long red candles, indicating the dominance of sellers pushing the price down.
💡 * There are also periods of green candles, indicating attempts by buyers to raise the price, but these attempts seem to have not been sustainable.
💡 * The overall candlestick pattern in the last part of the chart shows lower highs and lower lows, reinforcing the bearish idea in this timeframe.
✍🏻* Relative Strength Index (RSI):
* RSI(6) value: 21.8441. This reading is very low, significantly below the level of 30, which is considered an indicator that the asset is in the "oversold" zone. When an asset is oversold, it often indicates that the price has dropped excessively and may be prone to a bullish rebound or correction in the trend.
Overall trend:$SUI
Based on the negative price change of -4.80% over 24 hours, the dominance of red candles, and the formation of lower highs and lower lows in the last part of the chart in this timeframe, the overall trend apparent in the picture (in the short term) is a clear bearish trend.
However, the RSI at 21.8441 provides a strong signal that the currency is in an oversold area, which may indicate an approaching possibility of a bullish rebound or at least a temporary halt to the decline. Determining the overall long-term trend requires examining larger timeframes (daily, weekly).
✍🏻Tip:
🚨* Exercise caution despite oversold conditions: Although the RSI indicates that SUI is in an oversold area, this does not necessarily mean an immediate reversal of trend. Assets may continue to trade in the oversold zone for a period before a rebound occurs.
* Wait for confirmation: If you are considering buying, it is wise to wait for confirmation signals for a rebound. These signals may include the formation of strong bullish reversal candlestick patterns, an increase in buying volume, or a breakout above a small resistance level.
* Identifying support levels: Look for strong historical support levels where the price might rebound. The level of 3.1832 (the lowest price in 24 hours) may be a temporary support level, but you may need to look at previous data to determine stronger support levels.
* Study the fundamentals: Since SUI is a relatively new currency, it is essential to understand its underlying project, team, partnerships, technology, and use case. These factors can significantly affect its long-term performance.
* Strict risk management: Use stop-loss orders to limit potential losses in case the price continues to decline. Do not put all your capital into a single investment, and diversify your portfolio.
* Monitor the broader market: The movement of the cryptocurrency market in general (especially Bitcoin and Ethereum) affects altcoins like SUI. Keep an eye on overall market trends.
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