SUI Technical Analysis
Looking at the SUI chart, we see a rising channel chart from a wide angle. It is currently trading in the middle band of the channel. Looking at its short-term movements, we can say that the positive market structure continues. After the last bottom contact, that is, the last contact with the lower trend of the channel formation, it formed a new high, and now the lower trend zone is in a positive area.
Looking at horizontal support and resistance levels, we see that the $3.59 support is of great importance. In the event of a break below this support, the $3.22-$3.32 support area should be monitored. The lower trend line of the channel also intersects with the aforementioned support zone on average. We see that the trend could extend the support area to $2.94.
In upward scenarios, we see that the $4 level creates psychological resistance. If this level is broken and we see a move to the $4.29 resistance level, we expect it to break above this peak. Breaking through this resistance level could quickly lead us to the $5.11 level. Currently, the $3.59 support and $4.29 resistance levels will be closely monitored.
- The price is trading near the mid-range within a broad ascending channel structure.
- The $4.29 level is acting as strong resistance.
- The $3.59 support level is a key short-term level.
- If it can sustain above $3.59, the $5 region could be targeted.
- In the event of a pullback, the $3.32, $3.22, and $2.94 support levels should be monitored.
These analyses do not constitute investment advice and focus on support and resistance levels that may present potential trading opportunities in the short and medium term, depending on market conditions. However, the responsibility for executing trades and managing risk lies entirely with the user. It is also strongly recommended to use stop-loss orders for any trades mentioned.
