The chart for the SUI currency shows significant price movement reflecting a struggle between selling and buying forces at sensitive psychological levels. Here are the in-depth details:
1- Current technical reading
• Overall trend: The price has undergone a sharp downward phase (Downtrend) starting from levels of 1.0500 down to the achieved low of 0.9711.
• Accumulation zone: We currently observe a clear sideways movement between levels of 0.9950 and 1.0050. This narrow fluctuation indicates a loss of downward momentum and the beginning of an "accumulation" phase in preparation for a potential reversal.
• Immediate resistance: The price is struggling to break above the level of 1.0020 repeatedly.
2- Breakout levels
• Turning point: A true breakout requires closing a candle (15 minutes or 1 hour) above the level of 1.0100. This breakout will confirm the break of the minor downtrend line.
• Confirmation signal: Returning to test the level of 1.000 as support after the breakout is the golden opportunity to enter.
3- Price targets
In case the breakout is successful, the targets will be as follows:
1. The first target (near): 1.0250 (the area of a previous price gap).
2. The second target (medium): 1.0430 (the area of previous peaks before the recent drop).
3. The third target (main): 1.0560 (recovering the highest peak visible on the chart).
4- Taking profits and stop loss
• Taking profits (Take Profit): It is advisable to take 50% of profits at the first target and raise the stop loss to the entry point to secure the trade.
• Stop loss (Stop Loss): Closing below the last low level of 0.9700 completely cancels the positive scenario, and you should exit immediately as the drop may extend to lower levels.
5- Investment tips for traders:
• Patience at support: The currency is now trading at the "break-even" (1.00) area. Do not rush to enter with full liquidity until the trend is confirmed.
• Risk management: Due to market volatility, do not enter with more than 3-5% of your portfolio in this trade.
• Monitoring liquidity: We notice at the top of the chart that the trading volume (Volume) for SUI reached approximately 66.48M, reflecting moderate interest; we need an increase in volume (Volume Spike) to confirm the breakout.
6- Our next expectation:
If the price remains above the level of 1.0000 in the coming hours, we expect a quick rebound targeting levels of 1.03 very soon.
