Technical analysis by TheCoinCowboy about Symbol SUI: Buy recommendation (5/6/2025)

SUI is looking more like it's 4th wave is going to go down a bit more before it can bounce up to $4.00. I really was hopeful that May 5th's $3.26 was it's recent retracement bottom... but it looks like we are about to revisit $3.26 and go even lower. My target range is between $2.80 and $3.08, with my best guess as $2.88 as it will touch a previous high and will settle near the fib golden zone. At the time I am posting this, the price is hovering around $3.24 and BTC is nearing 94k. I think the market overall is going to be very nervious on 6 May, the day before the Fed's 7th May meeting.It is looking like, the bottom was $3.15 as SUI just started jumping over $3.35, and BTC is now over $95K. So this prediction will be invalid if SUI can stay above $3.30.We got down to $3.12 depending on what exchange you are on. And I think that was the bottom of wave 4. So, I was not exact...but pretty close. I bought back in at $3.25So I sold at $3.42, so my jumping back in ended up being a small scalp trade. And with Jerome Powel floudering around saying, "We just don't know... there are too many unknowns...blah blah blah...weait and see..."...the market is not impressed and SUI is now dropping again....Looks like wave 4 is still in play....sorry eveyone... this is a tough one!With regulators in the USA approving banks can custody crypto for customers anounced just hours ago, and SUI surpassing $3.64... I think the wave 4 retracement is now over and we are starting up with wave 5. Its boom-town now! I jumped back inat $3.30.