Hello everyone, I am the cryptocurrency blogger Bai Yue. The first SUI ETF has been approved for listing! This is fresh news, but looking at the price, the longs and shorts are fiercely tearing at each other on the 1-hour chart. Should we be happy or worried? Don't worry, I'll clarify it for you in simple terms, and also talk about how we retail investors should act.
News: ETF approved, is SUI about to soar?
On December 5th, the ETF issuer 21Shares launched the first ETF tracking the price of SUI in the United States, which is also 2 times leveraged long, with the code TXXS, and it has already started trading on NASDAQ.
In simple terms, it means that the big players in the industry are starting to pay attention to SUI, and more funds may flow in the future, which is a long-term positive for SUI. This year, there are more and more cryptocurrency ETFs, and market enthusiasm is rising rapidly. SUI is catching this wave, and its prospects are worth a closer look. This news is not baseless; it indicates that SUI is gaining recognition in the community, and there may be more ETFs following up, presenting considerable opportunities.
Technical analysis: The price is stuck at a key level, and the battle between bulls and bears is intensifying.
SUI's current price is $1.6610, almost sticking to the key level of $1.6690, like walking on a tightrope. There are resistance levels at $1.7260 and $1.8250 above, and a support level at $1.4620 below. In terms of technical indicators, although the yellow and white lines are still above the zero axis, there are signs of a dead cross, and trading volume has decreased, which indicates that both bulls and bears are watching and neither wants to act first.
In the short term, if the price can stabilize above $1.6690, taking advantage of the tailwind from the ETF, it may push up to the resistance level; if it falls below, it may need to retrace to the support level. However, considering the positive news from the ETF, the downside may be limited, and the bulls are not easily intimidated.
My opinion:
My view is that the ETF news is a real catalyst, which is a good thing for SUI in the long term, but there is technical pressure in the short term, so don't expect a sudden surge. The market may first experience fluctuations to shake out weak hands before finding direction.
In terms of operations, retail investors can do this:
If the price stabilizes above $1.6690, you can try a small position, targeting around $1.7260, but remember to set a stop loss, for example around $1.46, to guard against a trend reversal.
If it directly falls below $1.6690, then don’t rush in, wait and see how the support level at $1.4620 performs before deciding.
In short, don’t chase after good news blindly; manage your position well and earn money that you can understand. The market always has opportunities, but risks must also be guarded against.
What should retail investors do?
In three simple sentences: Good news is an opportunity, but it has to be considered with the technical aspects; don’t panic and follow the crowd, make a plan before taking action; hold on for the long term and don’t be greedy in the short term. The ETF situation has added fuel to SUI, but the crypto market is highly volatile, and only steady progress will lead to success in the end. Everyone should pay more attention to the market and think critically to respond rationally.
What retail investors need to do is 'patiently wait for opportunities, act decisively and accurately.' Follow Bai Yue to access daily shared real-time strategies + risk management guidelines!
