$SUI in a technical downtrend. Bottom and Buy zone in the chart.NYSE:SUI is a new blockchain with a very good project, extensive ecosystem, and strong venture capitals. It suffers from monthly token unlocks and a lot of inflation. However, it has the potential to follow in the steps of Solana and could be a good long-term investment.
What does the chart say?
We had an M pattern formation that turned into a downtrend channel. Because the coin is new and experienced phenomenal growth, there is not much resistance until the bottom of the latest uptrend.
The identified bottom is between 0.35 and 0.52, which is our buy zone. Buying here guarantees some good profit when CRYPTOCAP:BTC recovers and pumps to its all-time high.
I would not buy NYSE:SUI outside of this zone, as it would be too risky. I do not think it will reverse until it enters that buy zone.
Always do your own research (DYOR). This is just chart analysis and commentary, not financial advice. Crypto is highly volatile, and any idea can be invalidated by external factors.
