On the 1D chart of $SUI /USDT, the price is seen moving in an ascending channel marked with the yellow area. The current price is around the $4.68 level, indicating consolidation in the upper channel resistance area.
Opportunities:
If the price manages to break out above this channel, significant upside potential could occur, with the initial target at the psychological level of $6.00 and $10.00 as the next resistance.
Bullish Scenario:
Confirm breakout if daily closing price is above $5.00.
Trading volume increases when a breakout occurs.
Bearish Scenario:
If the breakout fails, the price is likely to retest the channel support around $4.00. A break of this level could send the price lower to $3.50.
Conclusion:
Bullish momentum is still dominant as long as the price is in the rising channel. Traders are advised to wait for confirmation of the breakout before entering a position.
