SUI Technical Analysis
SUI can be analyzed according to two different scenarios. Analysis would be more convenient if it was analyzed from a short-term and wide-angle perspective. SUI is trading within an ascending channel from a wide angle, currently around the mid-border of the channel. It is also in a short-term accumulation process.It is clear on the chart that there occurs a sharp price rise following the trend breakout in short-term patterns. SUI has broken upwards after the accumulation period at around $2.69. Then the price surged to the level at $4.29, which has worked as a strong resistance level in the past. The next price target could be the zone around $4.98 - $5.11 if SUI can rise up to the level $4.29 and a breakout occurs afterwards. The price needs to hold above $3.59 if this rise is to continue, as this level serves as the previous resistance and as the current key support. We should be following the levels $3.32 and $2.94 as support in case of a pullback scenario. Price action between the levels at $3.59 and $4.29 could create an accumulation process in the short term. The direction of the breakout of this level could signal SUI's new trend.
- Summary:• The price is trading close to the mid-range within a wide ascending channel pattern.• The short-term downtrend has been broken, and the $2.69 area has become strong support.• The $4.29 level is acting as strong resistance.• If stability above $3.59 is achieved, $4.98 - $5.11 can be targeted.• In case of pullbacks, support levels of $3.32 → $2.94 → $2.69 → $2.36 should be followed.• The $3.59 - $4.29 range can be considered an accumulation zone.
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, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
