Technical Analysis - $SUI

The current price of SUI at 4.35 USDT is quite interesting, don't you think?

Given the local maxima and minima are both around 4.46 USDT, it's almost as if the market has found a comfortable equilibrium point - but which way will it break?

Looking at the 20-minute SMA of ~4.64 USDT, it's clear that the short-term trend is still pointing upwards, but the Bollinger Bands are tightening around the current price, suggesting we're due for some movement.

The RSI of 20.17 indicates a severely oversold condition, so a bounce might be in store - but we've seen this before and the market can remain stubbornly stuck.

The MACD is also flashing a bearish signal, which could reinforce a sell-off.

However, with the trend still technically intact and the mild upward channel in place, I wouldn't count out a continuation of the rally just yet.

But as always, we need to keep a close eye on the charts for any signs of reversal.

Stay tuned for more analysis as this situation develops!

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