đ SUI/USDT - Rebound and Resistance Testing đ
SUI/USDT is currently trading at $1.7838, showing resilience with a strong rebound from lower levels. The price is nearing upper resistance, indicating a critical juncture that could dictate the next major move.
đ„ Key Observations:
Bullish OB: The price has consistently found support at lower levels, indicating buying interest around $1.3206 - $1.3603.
Current Trend: After a sharp rise, SUI is now testing the resistance zone near $1.8586 - $2.0052.
Resistance Levels: Immediate resistance is marked at $1.8586 with further potential barriers up to $2.0052.
đŻ Long Setup:
đ Entry for Long: Consider taking a long position if SUI breaks above the $1.8586 mark with strong volume, suggesting a potential breakout.
đŻ Take Profit Targets for Long:
1. TP1: $1.9000 â Initial resistance and psychological level.
2. TP2: $1.9500 â Next level before the major resistance at $2.0000.
3. TP3: $2.0052 â The high resistance mark, aiming for a full rally.
đĄïž Stop Loss for Long: Set a stop loss around $1.7400, just below the recent consolidation area to protect the trade against any sudden downturn.
đ Short Setup (In Case of Rejection):
đ Entry for Short: If SUI fails to break through the resistance at $1.8586 and shows signs of weakness, consider entering a short position.
đŻ Take Profit Targets for Short:
1. TP1: $1.7800 â Pullback to the recent bounce area.
2. TP2: $1.7200 â Further down toward the middle of the trading channel.
3. TP3: $1.6600 â Aggressive target near the lower end of the current range.
đĄïž Stop Loss for Short: Place a stop loss just above $1.8700 to limit losses in case of an upward breakout.
đ Whatâs Next? Monitoring the price action near the $1.8586 resistance level will be crucial. A breakout could pave the way for further gains, while a rejection might lead to consolidation or a retracement back to lower support levels.
