SUI/USD Hourly Chart (Coinbase) – Supply: TradingView
The worth appears headed to retest the $2.4 space first the place a powerful order block was fashioned throughout Monday’s session after the cease-fire was introduced.
This OB might produce a short-term rebound in Sui. Nonetheless, with a bearish outlook confirmed within the excessive time-frame, quick positions provide the most effective odds of a constructive consequence.
On this decrease time-frame, the 9-period and 21-period EMAs have additionally made a ‘demise cross’ with the 200-day EMA. This alignment favors a bearish outlook for SUI and confirms an ongoing transfer to $2.4.
In the meantime, the Relative Energy Index (RSI) is in a transparent downtrend, that means that bears are in full management of the worth motion.
A retest of the $2.8 stage would provide a pretty entry though the chances of that taking place are low. Merchants ought to control the worth motion as a brief place at this stage would provide a extremely enticing risk-reward ratio.
