Ali Charts, a top analyst, recently shared insights on SUI’s price action, supported by a detailed analysis of the TD Sequential indicator. He noted that traders should be cautious as the weekly chart is now flashing a potential sell signal. However, technical indicators suggest a potential correction may be on the horizon.
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SUI Chart Analysis: TD Sequential Signals Possible Reversal
The TD Sequential indicator is a widely used tool for predicting trend exhaustion. In this case, the SUI weekly chart has displayed a red “9,” a key marker indicating that the asset may be overbought and approaching a reversal.
Historical data from the SUI chart suggests that previous instances of this signal have been accurate in forecasting market corrections.
Ali further highlighted the reliability of the TD Sequential in tracking SUI’s trends: “I’m not saying go and short $SUI. I’m just saying, be careful! The TD Sequential has been spot on in predicting #SUI’s trend on the weekly chart, and it’s now flashing a sell signal.” This cautionary message underscores the importance of recognizing such signals before making trading decisions.
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Show more +SUI Price Action and Support Zones
In just a few weeks, the price of the SUI has increased from less than $1 to almost $2.50. On the other hand, the most recent candlestick pattern indicates weakness, with a red weekly candle pointing to a possible decline. This is in line with the TD Sequential Sell signal, which may cause prices to drop even more in the upcoming weeks.
The $2.50 mark, where the rising impetus has paused, seems to be where the SUI price is encountering resistance. There is a crucial support zone between $1.10 and $1.20, where the asset concentrated prior to its bullish rally, in case the price reverses.
Another crucial technical instrument, the Relative Strength Index (RSI), is currently over 70, indicating that the price of SUI has entered an overbought area. This metric further supports the idea that the recent rally may be losing steam. Historically, overbought conditions often precede pullbacks, making the current situation one where caution is advised.
The TD Sequential indicator has previously demonstrated its accuracy in signaling reversals. Earlier in the year, a similar red “9” appeared on the chart, which was followed by a steep correction. In contrast, a green “1” in August marked the beginning of the current rally. This history has led analysts like Ali to take the current signal seriously.
As SUI continues to trade near its peak, traders are advised to stay alert. The TD sequential sell signal and overbought RSI indicate that a correction may be approaching, despite the current positive trend.
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