Since its debut a year ago, SUI has experienced two notable correction pullbacks, and the market is still looking to see if there will be a third pullback. Failure to break out of new price highs could risk further corrections.
On October 11, SUI had a positive positive breakout in the market and successfully surpassed its previous high. However, the breakout failed to hold and it immediately fell back, forming an obvious mini-double top pattern with two highs at 2.168 and 2.087.
Judging from the histogram of the technical indicator MACD, the bullish trend is still there, but the momentum has weakened, suggesting that the market is approaching the end of the expected M head structure. This may indicate subtle changes in market sentiment and price trends, and investors need to remain vigilant.
Under the current market conditions, it is recommended to consider entering the market in batches. The initial target price can be set near 1.9, which is a relatively safe exit point. If the market changes further, the second target level can be set near 1.6 as another potential exit point.
Overall, investors should be cautious when making decisions and pay close attention to market dynamics and price movements. Although the market offers some trading opportunities, risks remain, so it is crucial to have a clear trading plan and stop loss points.