SUI / USDTLong
SUI Holds Key Support at $4.60: Eyes on $5.20 Resistance!
SUI/USDT 4H Chart Analysis
Consolidation phase: SUI is consolidating at $4.72 after a rejection from the $5.20 resistance. Price is currently testing PCL (Previous Consolidation Low) support at $4.60.
Current price: $4.72.
This setup highlights a potential long opportunity, but close monitoring of the $4.60 level is essential for trade validation.
Consolidation phase: SUI is consolidating at $4.72 after a rejection from the $5.20 resistance. Price is currently testing PCL (Previous Consolidation Low) support at $4.60.
Current price: $4.72.
- Key levels:
- Support: $4.60 (PCL support) and $4.00 (discount zone, strong demand area).
- Resistance: $5.20 (key level for upside breakout).
- Equilibrium zone: Consolidation suggests potential for accumulation if support holds.
- Volume profile: Decreasing selling pressure indicates a possible shift toward bullish momentum.
- Trade setup:
- Entry: Around $4.65-$4.75, close to support at $4.60.
- Target: $5.20 (next major resistance zone).
- Stop loss: Below $4.40 to minimize downside risk.
- Risk-to-reward: Favorable setup, targeting upside continuation if $4.60 support remains intact.
- Confidence level: 7/10 for bullish continuation.
- Considerations:
- Volume confirmation: Look for an increase in buy volume near the $4.60 support to confirm potential upside.
- Support test: Monitor price action at $4.60; failure to hold may lead to a deeper pullback toward $4.00.
- Breakout potential: A successful test of $4.60 and strong momentum could lead to a retest of $5.20 resistance.
This setup highlights a potential long opportunity, but close monitoring of the $4.60 level is essential for trade validation.
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