Just like that Sui was red for 24 days. 24 days might not be that long but when you consider that the rise lasted 35 days, then yes, within this context it is a very long retrace... And look at the levels on the chart.
Support found at 0.5 Fib. retracement. This level was pierced followed by a recovery the next day. Double-bullish signal; the recovery and the fact that 0.618 wasn't tested.
I can honestly say that it is still early, but I can also say that this zone where the bounce just happened is a very strong classic support zone. This support zone can lead to the next leg-up, a strong rise with targets reaching $5.19 and $6.65.
The chart looks good for a new bullish wave. The $6.65 target means more than 100%. Taken from the 7-April low, we are talking about a 285% total growth, profits of course. And this wouldn't be the end, only the start.
SUIUSDT has much more to give. We can expect the market to turn and remained green.
Namaste.
Support found at 0.5 Fib. retracement. This level was pierced followed by a recovery the next day. Double-bullish signal; the recovery and the fact that 0.618 wasn't tested.
I can honestly say that it is still early, but I can also say that this zone where the bounce just happened is a very strong classic support zone. This support zone can lead to the next leg-up, a strong rise with targets reaching $5.19 and $6.65.
The chart looks good for a new bullish wave. The $6.65 target means more than 100%. Taken from the 7-April low, we are talking about a 285% total growth, profits of course. And this wouldn't be the end, only the start.
SUIUSDT has much more to give. We can expect the market to turn and remained green.
Namaste.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.