$SUI lost $1 on the daily two days ago and hasn't been able to get it back. Overnight it wicked down to 0.939, bounced, and now it's chopping around 0.963, which is pretty much exactly the bottom of its value area.
On the NanoTrading Fire chart the 4h POC is way up at 1.037 and the VAH at 1.138, with the VAL right around 0.963. The liquidity heatmap shows the thickest ask bands stacked between 1.03 and 1.07, so that POC area is where sellers are waiting. Bids look decent from 0.93 to 0.96, and there's another band near 0.90.
Binance futures data doesn't look like capitulation to me. OI slipped from about $104.8M to $101.6M over the last few 4h bars and funding is only 0.0067%, but 67% of accounts are still long (L/S 2.08), and top traders actually added, with their position ratio going from 2.01 to 2.13. That's a lot of longs leaning on one VAL.
My take is that if 0.96 holds on a 4h close, a drift back to 1.00 and then the 1.03-1.04 wall makes sense. If it loses 0.94, all those longs become fuel and 0.90 is the next real bid đ NFA, just my read.
Source: NanoTrading Fire chart (nanotradingclub.xyz)
$SUI #SUI #NanoTrading
On the NanoTrading Fire chart the 4h POC is way up at 1.037 and the VAH at 1.138, with the VAL right around 0.963. The liquidity heatmap shows the thickest ask bands stacked between 1.03 and 1.07, so that POC area is where sellers are waiting. Bids look decent from 0.93 to 0.96, and there's another band near 0.90.
Binance futures data doesn't look like capitulation to me. OI slipped from about $104.8M to $101.6M over the last few 4h bars and funding is only 0.0067%, but 67% of accounts are still long (L/S 2.08), and top traders actually added, with their position ratio going from 2.01 to 2.13. That's a lot of longs leaning on one VAL.
My take is that if 0.96 holds on a 4h close, a drift back to 1.00 and then the 1.03-1.04 wall makes sense. If it loses 0.94, all those longs become fuel and 0.90 is the next real bid đ NFA, just my read.
Source: NanoTrading Fire chart (nanotradingclub.xyz)
$SUI #SUI #NanoTrading
