SUN/USDT Technical Analysis: Seeking Support Amid Selling Pressure
$SUN

200-Period MA

Relative Strength Index (RSI)

The RSI is at 36.83, signaling bearish momentum. This level places the pair in the oversold zone, which could indicate a reversal if there is significant buying interest. However, as long as the RSI remains below 50, the bearish trend is likely to persist.

Moving Average Convergence Divergence (MACD)

The MACD shows the MACD line below the signal line with a negative histogram. This setup indicates ongoing bearish momentum, suggesting that selling pressure remains dominant. The size of the negative histogram further supports the continuation of the downtrend.

Bullish Scenario

If SUN/USDT manages to break above the 200-period MA, the price could attempt to rise towards the nearest resistance level around $0.01950. A breakout above this level could open up potential for further upside towards the $0.02100 area, especially if the RSI moves above 50 and the MACD shows a bullish crossover.

Bearish Scenario

If selling pressure continues and the price remains below the 200-period MA, SUN/USDT could test the support level around $0.01750. A breakdown below this support level would add to the selling pressure, with the next target around the $0.01500 area if bearish sentiment persists.

Disclaimer: This analysis is for educational purposes only and does not constitute financial advice. Make all investment decisions wisely.

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