TradeCity Pro | SUI Bears Stay in Full Control

👋 Welcome to TradeCity Pro!
In this analysis, I’m going to take a look at SUI, one of the Layer 1 projects, currently ranked #26 on CoinMarketCap with a market capitalization of $3.43 billion.

⌛️ 4-Hour Timeframe
On the 4-hour chart, this coin is in a very strong downtrend, and in its latest bearish leg, price dropped all the way to 0.8830.

🔔 After this move, price entered a corrective and consolidation phase, but the bearish trend is so strong that price couldn’t even retrace to the 0.236 Fibonacci level, and resistance formed before reaching it.

⚖️ The level that price reacted to during this correction is 1.0159, and after rejecting this zone, price moved back down toward 0.8830.

🧮 If 0.8830 breaks, the next bearish wave for SUI will begin. Therefore, a break of this level can be used as a short trigger.

📊 It’s very important that selling volume increases at the same time as the break of 0.8830, to confirm seller strength. A renewed move of the RSI into the oversold zone would also be a strong momentum confirmation.

✔️ During the corrective move up to 1.0159, the RSI oscillator couldn’t even move above the 50 level, which clearly shows the strength of the bearish trend. So if, during the next sell-off, RSI once again enters oversold territory, price could continue its downtrend with very strong momentum

❌ Disclaimer ❌
Trading futures is highly risky and dangerous. If you're not an expert, these triggers may not be suitable for you. You should first learn risk and capital management. You can also use the educational content from this channel.

Finally, these triggers reflect my personal opinions on price action, and the market may move completely against this analysis. So, do your own research before opening any position.