Technical analysis by rudcharts about Symbol SUKU: Buy recommendation (12/6/2024)

SUKUUSD Daily Chart Analysis •Previous Price Action: oA significant top for SUKUUSD was established in April 2024. oFollowing the top, the price tumbled through August 2024 before finding a bottom. oFrom August to November 2024, the price moved sideways, signaling a potential accumulation phase. •Breakout Confirmation: oThe accumulation phase was confirmed with an upward breakout accompanied by a spike in volume and momentum. oIn late November 2024, the price formed a bull flag pattern. oThe bull flag breakout has been confirmed, with several daily closes above the flag's top, solidifying the bullish trend. •Momentum Indicators: oThe MACD is firmly in bullish territory, supporting continued upward momentum. oThe price is consistently supported by the 10 EMA, indicating a strong bullish trend. •Broader Market Context: oWith BTC making strides toward new all-time highs, SUKUUSD's bullish setup is further reinforced, making this trade even more favorable. Trade Setup (Long): •Entry: 0.1139 •Stop Loss: 0.0883 (-22.48%) •Target #1: 0.1918 (+68.39%, 3.04 RR ratio) •Target #2: 0.2679 (+135.21%, 6.02 RR ratio) This trade capitalizes on SUKUUSD's confirmed accumulation breakout, strong technical indicators, and a favorable macro context with BTC leading the crypto market higher.Stop Loss: 0.0883 (-22.48%)