Action: Scalping Strategy – Focus on both long and short positions based on current price action.
Analysis:
SUI is showing significant volatility, with a strong trading volume of $2.7B over the past 24 hours and a Vol/Mkt Cap ratio of 17.31%, indicating active participation. The price is currently hovering near the day's high of $5.30, with potential consolidation forming between $5.10 and $5.30, which could lead to short-term breakout or retracement opportunities. A scalping approach within this range offers potential, supported by the recent all-time high.
For a long position, entry at support levels near $5.10 could capitalize on bullish momentum if the price breaks above $5.30. For short positions, entering near resistance at $5.30 might yield results if the price retraces toward the support zone.
Signals:
Long Position:
- Entry Range: $5.10 - $5.15
- SL: $5.07
- TP: $5.35 - $5.55
Short Position:
- Entry Range: $5.25 - $5.30
- SL: $5.35
- TP: $5.05 - $4.90
🥂Trade Now
🚨Note: Trade at your own risk. DYOR.