The sideways meat grinder market is back!
Today's SUI trend is making people anxious, with the price stuck in the broken range of 2.63-2.69, swinging back and forth like a welded iron plate. Don't be fooled by the daily level still showing support from MA50 and MA99 quarter moving averages; watching the five-minute chart can really raise your blood pressure—MA7 and MA21 short moving averages are pressing down on the price like a guillotine, and three small bearish candles are shrinking below the moving averages like frostbitten eggplants. This is clearly a ploy by the [main funds] playing the "boiling frog" trick.
Even more concerning is the trading volume; the buying volume bars are shrinking in the corner like malnourished children, and whenever the price drops, there's suddenly a massive bearish bar. This kind of "pulse-like volume spike and drop" is a typical tactic of pulling and withdrawing, with [large funds] using small funds to support prices with their left hand while moving chips off the market with large orders in their right hand.
What’s worse is that today we couldn't even touch last night's second high point of 2.72; for those chasing the price, the [position risk has increased]. On the news front, today the SUI ecosystem WAL storage project officially launched, combined with the unlocking of 152 million dollars in circulating supply, this combination is putting obvious pressure on market psychology.
Now we are focusing on two key levels: the upper resistance at 2.69 is stacked with three months of trapped positions; if it doesn't break out with volume, it's just a paper tiger. The strong support below at 2.63 is holding the MA99 quarter line, and if this level breaks, strict stop-loss must be enforced. If you ask me, this market is currently in the "chicken rib time"—easily buried if chasing after a breakout, and easily worn out if trying to catch a bottom. It is recommended to set a grid trading range of 2.63-2.69, utilizing programmed trading to avoid emotional interference.
Feeling lost and unable to find a way out? The market is turbulent right now, and walking alone is lonely.
I am Lao Xiao, supported by a top-tier team; only those who resonate on the same frequency can gather together!
$SUI
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