SUI has been showing intriguing price movements, as highlighted by recent chart analyses and insights from prominent analysts, CryptoBull and Satoshi Flipper.
They shared their views on SUI’s potential future trends, providing different angles on key patterns observed on the charts. Their tweets emphasize the importance of certain support and resistance levels, offering clues on what traders might expect next.
What you'll learn 👉
SUI Chart Analysis: Approaching Resistance in a Falling Channel
CryptoBull’s chart analysis highlights SUI’s price movement within a falling channel pattern. This setup is characterized by two downward-sloping trendlines: an upper resistance and a lower support.
The SUI price has been oscillating within these lines, and it is now approaching the upper trendline, which serves as resistance. CryptoBull mentioned that traders have started taking profits, signaling caution as SUI tests this level.
The volume profile visible on the chart underscores the significance of the Point of Control (PoC), a level where the highest trading volume has occurred. If SUI flips the trendline resistance and sustains above the PoC, it could trigger a bullish rally.
However, failure to break this resistance may see the price retreat to the support line within the channel. CryptoBull suggests keeping an eye on this crucial resistance zone, as a strong upward move could follow a successful breakout.
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Show more +Broadening Wedge: Potential Upside Ahead
A different analysis from Satoshi Flipper reveals a broadening wedge pattern on the SUI 4-hour chart. This pattern, defined by diverging trendlines, typically indicates increasing volatility. SUI’s price has been bouncing between these lines, with the recent action showing a rebound from the lower support, suggesting buying interest.
SatoshiFlipper shared that they have opened a long position, reflecting confidence in the potential upside. The trader’s optimism stems from SUI’s bounce-off support, which they believe could propel the price toward the upper resistance of the wedge.
The analyst also mentioned that cooperation from Bitcoin could further support a bullish movement, implying that broader market dynamics may play a role in SUI’s next move.
Read Also: Bitcoin ‘Won’t Pump Straight Away,’ Warns Analyst; Reveals Key BTC Price Levels to Watch
Market Sentiment: Cautious Optimism
The sentiment from the traders is mixed yet optimistic. While CryptoBull hints at caution as SUI approaches resistance, they also highlight the possibility of a bullish breakout if the price can surpass the PoC.
On the other hand, Satoshi Flipper shows a more confident stance, having already entered a long position based on the setup. Both traders’ insights emphasize the importance of monitoring key levels and broader market movements, especially Bitcoin, which could influence SUI’s price direction.
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