$SUI in a technical downtrend. Bottom and Buy zone in the chart.
Updated
SUI is a new blockchain with a very good project, extensive ecosystem, and strong venture capitals. It suffers from monthly token unlocks and a lot of inflation. However, it has the potential to follow in the steps of Solana and could be a good long-term investment.What does the chart say?
We had an M pattern formation that turned into a downtrend channel. Because the coin is new and experienced phenomenal growth, there is not much resistance until the bottom of the latest uptrend.
The identified bottom is between 0.35 and 0.52, which is our buy zone. Buying here guarantees some good profit when
BTC recovers and pumps to its all-time high.I would not buy
SUI outside of this zone, as it would be too risky. I do not think it will reverse until it enters that buy zone.Always do your own research (DYOR). This is just chart analysis and commentary, not financial advice. Crypto is highly volatile, and any idea can be invalidated by external factors.
Note
SUI follow all the crypto after Trump was shot. I didn't filled my bag, since
SUI didn't hit my refill zone. It was close tho.I am waiting to evaluate what the market will do. Usually after a big pump, there is a correction. I do not think that we will hit an ATH this week, so let see what the traditional market will do, the SPX and maybe if necessary re-evaluate the refill zone higher.
Note
With soon August token unlock, SUI might offer another opportunity to buy at a good entry price. What out!Trade closed: target reached
We are back in the buy zone. Time to consider refilling our bags.Another idea that worked.
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