SUI Technical Analysis: Sui Is at the Critical Channel Support
Looking at the 4H chart of SUI, we see that the price is trading within the descending channel and is now testing the lower band of this channel. During this downtrend which started at around $3.65, the price of the coin has been rejected from the upper band of the channel many times before. Sui is currently trading around important support level around $2.65–$2.52.
We could say that this area is where a strong reaction could occur as it is technically both horizontal support and is the channel lower band. However, if the price cannot hold around this support level, then the next support area could be around $2.44–$2.24.
The first resistance level would be $3.03 if the price goes upwards. If this level is passed, we could see a quick rise towards the level of $3.47–$3.64, yet we should bear in mind that these price levels also coincide with the upper band of the descending channel and they form a strong resistance area.
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, the user is responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during the transactions.
