SUI Technical Analysis
Looking at the SUI chart on daily timeframe, we can clearly see that the price has been recovering well since the strong momentum started around the support level of $2.80 - $2.60. Together with this momentum, the price has jumped to $3.50 again.
The price of the coin seems to have been stuck between the ascending trendline and the major resistance pushing from above. This structure has been forming a symmetrical triangle pattern, and we know that such a pattern usually results in a strong breakout.
$3.70 - $3.75 price range stands out as the main breakout zone. If the price can hold above this price range, it can first climb up to the range between $4.10 - $4.50 and then to $5.00. This price range is a key area as it will mark the breakout point of the long-term downtrend. In case the price retreats, the first strong support level will be $3.00 - $2.85. If this support breaks down, the price might test $2.24 and the OB (Order Block) below it. This area previously worked as an area where buyers are strong and they pushed the price upwards.
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 trades.
