Technical analysis for SUI coin:
The chart for SUI coin is displayed in a short-term timeframe (appears to be 4 hours or daily), with technical indicators supporting the analysis. Here is a detailed breakdown of the technical analysis with recommendations:
General notes:
* General trend: After the price reached a peak of around $4.0000, the coin began a sharp downward trend.
* Support and resistance:
* Resistance: The psychological level of $4.0000 represents strong resistance, as the price has failed to break through it several times.
* Secondary resistance: There is secondary resistance at around $3.9000.
* Support: There appears to be a current support area at around $3.7407, which is the current price shown in the chart. It is important to monitor how the price interacts with this level.
* Technical indicators:
* Relative Strength Index (RSI): The indicator shows that the Relative Strength Index (RSI) is around 35.1729, which is close to the oversold area (typically below 30), suggesting a potential price rebound upwards in the short term, but it is not a strong confirmation for a rebound yet.
* Candlestick pattern: The recent candles show a strong bearish trend (large red candles), confirming sellers' control over the market at the moment.
Recommendations:
Entry area recommendations:
* Conservative recommendation (for investors):
* Wait for confirmation: It is not advisable to enter now with the current bearish momentum.
* Waiting at stronger support areas: The price can be monitored at the level of $3.5896, which appears to be potential support based on previous movements.
* Wait for a positive signal: One can enter upon the appearance of a positive rebound candle (such as a hammer or bullish engulfing) or when breaking the downward trend line if formed.
* Recommendation for active traders (with high risks):
* Monitoring the rebound: A small portion of capital can be considered for entry if the price shows a strong rebound from the current support area at $3.7407 (for example, after forming a large green candle).
Recommendations for exit areas / taking profits:
* For traders who have already entered:
* Partial take profit: A portion of profits can be taken when the price returns to previous resistance areas, such as $3.9000, especially if signs of weakness appear.
* Full exit: One should exit completely if the price fails to break the main resistance at $4.0000.
* For new traders planning to enter:
* Take Profit: If entering at support areas, the first profit targets should be at the aforementioned resistance levels.
* Setting a stop-loss order: It is very important to set a stop-loss order below the main support area at which entry occurred, to avoid further losses if the downtrend continues.
Summary:
The current price faces strong selling pressure, and the current support area at $3.7407 is considered critical. Patience is advised, and waiting for a clearer picture is recommended. The current entry carries high risks, so waiting for clear rebound signals or for the price at stronger support areas is preferred.
Disclaimer: This analysis is a technical opinion based on the chart and is not considered investment advice. Investors should make their decisions based on their own research and take responsibility for their investments.