This week’s technical analysis on Bitop delves into the price movements of three prominent cryptocurrencies – Solana (SOL), Sui (SUI), and Dogecoin (DOGE). Analyzing their recent performances, we explore potential trends through various technical indicators. SOL recently overcame a descending trendline, showing signs of an upward movement. A strong buying pressure during April 7th’s trading session is evident in the candlestick chart. However, a drop followed by a subsequent surge indicates a possible head and shoulders bottom pattern forming. We anticipate a gradual decline to Fibonacci retracement levels (between $115-$122), before resuming an upward trend. If the right shoulder of the pattern displays price increase accompanied by increased trading volume, a full-fledged trend reversal could be confirmed.
**SUI**, on the other hand, has been struggling for gains. After several attempts to break its all-time high, the price shows signs of weakness. A consistent decline has formed a rounding top pattern (saucer top) since January 5th. The recent drop below the neckline and subsequent pull back to the Fibonacci 0.382 level suggest a potential reversal.
**DOGE**, having broken its double-top structure, has been experiencing a downward trend with no sign of bottoming out. After breaking a trendline from August 2024, it retraced to the Fibonacci 0.5 level (around $0.169) before another sharp drop. The recent price movement points towards a potential target of around $0.105, aligning with the Fibonacci levels and previous high volume support zones. Similar to SUI, this aligns with reliable technical analysis suggesting a favorable position for shorting.
Based on this analysis, here are some reference points for each cryptocurrency: SOL – Long entry at $120 ($115-$122), Take Profit at $166 ($147-$180), and Stop Loss at the Fibonacci level (0.236-0.382). **SUI** – Short entry at $2.12 (Fib 0.618), Take Profit at $1.1 (Fib 1.5-1.618), and Stop Loss at the corresponding Fibonacci level. DOGE – Short entry at $0.158 (Fib 0.618), Take Profit at $0.11 (Fib 1.272), and Stop Loss at the corresponding Fibonacci levels.
**Disclaimer:** None of the information contained in this review constitutes an offer (or solicitation of an offer) to buy or sell any currency, product, or financial instrument, make any investment, or participate in any particular trading strategy.