Long SUI/USDT D1 (x3-x5 potential)
Updated
Long SUI/USDT. TF D1. Right ticker + right timing.
x3-x5 probably.
Entry - current price level
Target - $2 (x4)
Stop - below PoC level (0.43) with confirmation on D1.
Will start with FA and benchmark analysis of other L1-project (Aptos) which is quite similar:
1/ Decent L1-project with strong backing and recently listed on top-tier CEXs. So, not a lot of locked-in traders/hodlers.
2/ Around 250ml of investments from top-tier VCs (both SUI and APTOS).
3/ APT/USDT made around x5 in January, 2023 right after 4-month post-ICO bleeding period. (According to PA, it was rather possible to take x4 on APT/USDT within 1 month):
4/ SUI is currently at the end of this bleeding.
TA:
1/ Buying volume appeared (green encircled zone) + rising PA.
2/ MA squeeze (EMA 21 and EMA 55)
3/ trending RSI
4/ Price is consolidating above PoC and EMA21 and preparing to make a strong move upwards.
x3-x5 probably.
Entry - current price level
Target - $2 (x4)
Stop - below PoC level (0.43) with confirmation on D1.
Will start with FA and benchmark analysis of other L1-project (Aptos) which is quite similar:
1/ Decent L1-project with strong backing and recently listed on top-tier CEXs. So, not a lot of locked-in traders/hodlers.
2/ Around 250ml of investments from top-tier VCs (both SUI and APTOS).
3/ APT/USDT made around x5 in January, 2023 right after 4-month post-ICO bleeding period. (According to PA, it was rather possible to take x4 on APT/USDT within 1 month):
4/ SUI is currently at the end of this bleeding.
TA:
1/ Buying volume appeared (green encircled zone) + rising PA.
2/ MA squeeze (EMA 21 and EMA 55)
3/ trending RSI
4/ Price is consolidating above PoC and EMA21 and preparing to make a strong move upwards.
Comment
To whom it may concern....Yesterday's red candle was a leveraged long-squeeze.
But! You can only understand and be 100%-sure only after it has happened.
So, I'm kind of Captain Obvious....
But!!
When this kind of move happens, you should always wait for a reaction and how will Price Action develop. It's only possible if you trade:
- without leverage
- higher TF (H4-D1).
This strategy gives you a lot of time to think, wait and make a right decision.
Trade active
Metrics update accrording to Defillama:Aptos - #32 place with $64 mln in TVL
SUI - #22 place with 135mln in TVL and around 10mln volume (last 24H)
Trade active
SUI has started to making its way through DMA200 (yellow line that recently) and its volume cluster.Also, we witnessed yesterday a green pin-bar on high volume (retest).
Hope, thing will accelerate from this point.
Trade active
Those who have patience, will be rewarded in the end..Trade active
SUI - #15 place with $260 mln in TVL and around 35mln volume (last 24H)On Nov, 21 SUI was at #22 with 135ml in TVL
Trade active
1st target hit - x3Trade active
SUI is in TOP-10 protocols by TVLTrade active
A quick TA update on SUI:
Market structure while printing HH-HL (higher highs and higher lows) indicates that SUI is about to further continue its upward movement. Eventually it'll test its historical highs around $2. And, without doubt, there will be some consolidation/retracement around this price level as well as correction during the movement towards this high.
It's hard to predict and tell for sure will SUI break its high or not because it depends a lot on the overall market conditions.
But, as far as I see, SUI is one of the strongest assets (definitely stronger than the wider altcoin market).
Trade active
I'm currently have an opened position in SUI.
But if I haven't one I could possible enter in the following trade:
1/ wait for retracement to 1.1-1.05 price level (good entry point).
2/ TP1 - 2 (close 30-50%).
3/ TP2/3 - wait and see the reaction around price level of $2 and then I will decide.
4/ SL - close below 0.75 on D1 (24-48 hours)
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