SUI - time for price correction? 
2025-01-12
Category: None

Sui peaked at $2.22 in April 2024.  Prior to that, momentum indicators started to develop a major neegative divergence.  Eventually, the price dropped below the previous higher high at $1.95 and went through a prolonged price correction.  

The same set up is emerging.  The price recently reached $5.30 but now it is dropping below the previous high (not confirmed yet) at $4.94 area.  If today's daily candle closes below $1.95 and MACD lines cross and start to point downwards, I might consider to open a short position.

My overall bias for SUI is bullish.  I don't usually trade with leverage.  I invest heavily in SUI and I don't intend to sell any of my SUI holdings at this stage.  However, if the chart set up shows me a very clear sign for a decent correction, I will consider to open a short position to swing trade in 4H chart.   I will update my analysis later.  