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SUI is struggling to maintain its position above the critical $4 level, a psychological barrier that has become a battleground for both bulls and bears. This level plays a pivotal role in determining the short-term price trajectory. If the price fails to stay above the 200 EMA, a drop to the $3.65 support could be imminent. Conversely, a bullish breakout could push SUI towards the $4.80 – $4.85 resistance zone.
Technical Analysis: Support and Resistance Zones
SUI’s price movement is currently contained within an expanding channel pattern. The demand zone lies between $3.48 and $3.44, while the supply zone is in the $4.80 – $4.85 range. At present, the 200 EMA serves as a critical support level, with the price attempting to hold above it. Increased selling pressure has caused a negative crossover between the 50 EMA and 100 EMA, signaling bearish momentum in the short term.
If the price fails to overcome the trendline resistance, it could further validate the prevailing selling pressure. However, a successful breakout above the channel could shift sentiment in favor of the bulls.
Potential Scenarios for SUI
In a bearish scenario, a close below the 200 EMA could drive the price down to the $3.65 support level, potentially amplifying selling pressure and deepening the correction. On the bullish side, a breakout above the expanding channel could propel the price towards the $4.80 – $4.85 supply zone. Holding this level could reignite investor confidence, paving the way for higher targets.
Conclusion: Key Levels to Monitor
The $4 level remains a crucial short-term support for SUI. Technical indicators show concentrated market activity around this area, underscoring its importance. Investors should closely monitor the 200 EMA line and the $4.80 resistance zone for potential trend reversals.
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