Long

$SUI / USDT reached the bottom, bounce back. x5-x10 potential

Updated

is indeed a very promising project, boasting strong technology, substantial VC support, and a significant Total Value Locked (TVL). However, its tokenomics entail massive inflation, which undermines its growth potential.

Nonetheless, it appears that whales have decided to defend the $1 area, resulting in a bounce back. Despite this, the recent 20% token unlock is likely to continue affecting the price, making it unlikely to pump back to its All-Time High (ATH) before VC token releases occur progressively on the way up.

I maintain a moderately bullish stance on SUI. It represents a solid and relatively safe investment opportunity with the potential for x5-x10 gains during this bull run.

Please refer to the Fibonacci retracement TP outlined in the chart for further insights.

Remember, this is not financial advice; always Do Your Own Research (DYOR) before making investment decisions.

Note

selling pressure is definitively strong, it happen that it continued to drop to bounce on the 0.786 Fib, and now seems to recover.
The plan has not changed. Just delayed a bit. BTC was also pretty bearish adding to the downtrend.
Currently in a buy Zone.

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If breaks over $1.1 and make it a support, I will probably buy long. recovery will be impressive as always.

Note

selling pressure is still not exhausted. VC expected a rebound, is not pumping adding to the downtrend. $1 seems to be a solid support, but careful, if on Monday drop to 52k like many are forecasting, will bleed. The only safe place will be USDT in that scenario and buy the dip. Place stop-losses on Sunday just in case.

Note

must hold the $1 support or might go down further. The VC, and Whales have to defend this position or get rekt.

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has found a support at 0.786 fib and is struggling with a resistance at 0.618 fib. This is all very clean and according to plan. But the bounce needs to be confirmed by a daily above 0.618 Fib.
If complete this task, it will then change the 0.618 fib into resistance and start to become bullish again.
In case of invalidation, expect multiple bounces off the support at 0.786 fib.

Trade active

TP1 reached finally. That is long and hard, but we did it.

Note

has broken from its consolidation and is ready for TP 2

CryptoNikkoid

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