FRAMEWORK: THE CRYPTOCURRENCY PRISM - $SUI /USD - October 25, 2024 - 12:00 PM
Market Sentiment:
Currently, the $SUI/USDT pair is down -4.12%, with the price fluctuating in the range of $1.8994 to $1.9002. The market is reflecting signs of weakness, with selling pressure prevailing.
Market Data:
- Volume (24h) SUI: 46.43 mi
- Volume (24h) USDT: 89.81 mi
- Maximum in 24h: $1.9895
- 24h minimum: $1.8923
Technical Analysis: $SUI/USD
1. Volume Profile (VPVR):
The volume of buy and sell orders indicates strong selling pressure with 77.20% of orders in red, against 22.80% of buys. The predominance of sell orders suggests a continuation of the downward trend.
Trend: ↓
2. On-Balance Volume (OBV): $SUI /USD
The OBV is in line with selling pressure, with no signs of divergence to suggest a bullish reversal.
Trend: ↓
3. Bollinger Bands: SUI/USD
Bollinger bands are narrowing, indicating lower volatility. The price is close to the lower band, suggesting that the asset is in oversold territory.
Trend: ↓
4. Fibonacci Retracement: $SUI/USD
The price is below the 38.2% level, suggesting a shallow correction but still within a downtrend. The support zone at 61.8% ($1.8923) could serve as the next critical decision point.
Trend: ↓
5. Order Blocks: $SUI/USD
The formation of blocks of significant selling orders is observed, pushing the price down.
Trend: ↓
6. Fair Value Gaps: $SUI/USD
Small fair value gaps have been filled, suggesting the market is adjusting to prevailing selling pressure.
Trend: ↔
7. Break of Structure & Change of Character: $SUI/USD
There are no relevant structural breaks, maintaining the downward trend.
Trend: ↓
8. RSI (Relative Strength Index): $SUI/USD
The RSI(6) is at 30.8723, close to the oversold zone, while the RSI(12) is at 36.6468. This suggests that the asset may experience possible exhaustion from the decline in the short term, but there is still no confirmation of a reversal.
Trend: ↓
9. MACD: $SUI/USD
The MACD line is below the signal line, confirming the downtrend.
Trend: ↓
10. ADX (Average Directional Index): $SUI/USD
The ADX is above 25, indicating that the strength of the downtrend is significant.
Trend: ↓
Chart Patterns: $SUI/USD
- Descending Triangle: In formation, indicating a bearish continuation.
(Downtrend) ↓
Trend Confirmation: $SUI/USD
All indicators analyzed are aligned with a continuation of the fall, except the RSI, which points to a possible oversold situation, but without concrete signs of reversal.
Trend Duration:
- Primary: Low
- Secondary: Low
- Tertiary: Possible short-term stabilization.
Market Sentiment Index $SUI/USD: 034
- Summary: The market is clearly in a downtrend, with selling pressure dominating and a lack of immediate reversal signs.
This framework was developed by$$arjcss