Technical Analysis
Technical analysis provides insights into potential price movements based on historical patterns and indicators. Below is a breakdown of key technical factors for SUI/USDT on Binance:
Price Trends and Patterns
Short-Term Bearish Structure: Recent posts on X and technical analyses highlight a descending triangle pattern on the 4-hour chart, a bearish formation. This pattern, combined with a failure to break above key resistance levels (e.g., $2.997), suggests potential downside risk. A critical support level to watch is $2.17, with a break below potentially leading to further declines toward $2.05 or lower.
Longer-Term Trends: On the daily timeframe, the 50-day moving average (MA) is sloping upward but remains below the current price, indicating potential support if the price retraces. The 200-day MA is also trending upward, suggesting a strong long-term bullish trend despite recent corrections. However, the price is currently in a consolidation phase, with resistance at $2.40–$2.55 and support at $2.05–$2.10.
Weekly Perspective: On the weekly chart, SUI remains bullish as long as it holds above key support levels, such as the $2.00–$2.10 range. A break below this could signal a deeper correction, potentially testing the $1.70–$1.80 range.
Key Support and Resistance Levels
Support Levels:
Immediate support: $2.17 (recently tested, at risk of breaking).
Stronger support: $2.05–$2.10 (institutional accumulation zone, as noted in trading ideas).
Further support: $1.70–$1.80 (potential retracement target if bearish momentum accelerates).
Resistance Levels:
Immediate resistance: $2.40–$2.55 (major resistance zone, fair value gap).
Stronger resistance: $2.79–$3.00 (previous highs and psychological levels)$SUI