#SUI
Here is a detailed analysis of currency $SUI
Technical Situation
The price of SUI fell from $4.44 to $3.53 after a strong upward wave, in a natural correction preceding any new push. The ascending channel has not been broken yet, which maintains the positive trend in the medium term.
Key Levels
Support: $3.40 - $3.42 (critical), and $3.23 (main defense line)
Resistance: $3.65 - $3.70 (immediate), and $3.85 - $4.00 (key to returning to the upward trend)
Drivers and Scenarios
The $450 million investment from Mill City Ventures boosted confidence in the project, while internal trading rumors contributed to profit-taking.
Bullish Scenario: Breaking $3.85 opens the way towards $5.00.
Bearish Scenario: Breaking $3.40 may retest $3.23.
Long-term momentum is still in favor of the upside, and trading opportunities are focused around the specified support and resistance areas.
Trend Probabilities: The upside remains the strongest
Despite the correction, the upward trend is still dominant in terms of market structure:
- The main ascending channel has not been broken yet.
- Trading volume in upswings was higher than in downswings, indicating temporary selling pressure and not a trend reversal.
- The long-term timeframe still shows positive momentum, with the potential to target $5.00 - $5.30 if the price stabilizes above $3.85.
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