Overall Trend:
SUI/USDT has experienced a strong bullish trend over the past month, breaking above its 200-period moving average and establishing higher highs. However, it is now consolidating near a critical support level, suggesting a potential pause in the bullish momentum.
Support and Resistance Levels:
Resistance: $3.70 - $4.00 (recent highs and rejection area).
Support: $3.00 - $3.20 (key demand zone, aligned with the 200-period MA and channel support).
Technical Indicators:
RSI (14): Currently at 48.80, indicating neutral momentum with neither overbought nor oversold conditions. This reflects market consolidation after recent bullish pressure.
MACD (12,26): The MACD line is below the signal line, showing weakening bullish momentum. A potential bearish crossover could occur if this persists.
Volume: Volume has declined after recent price peaks, indicating reduced buying interest and possible consolidation.
Cluster and Zone Analysis:
Support Zone: The $3.00 - $3.20 area has acted as a strong support zone and coincides with the lower boundary of the ascending channel.
Resistance Zone: The $3.70 - $4.00 area is the immediate resistance, where sellers have shown consistent activity.
Channel Analysis: The ascending channel remains intact, with price movements respecting both the upper and lower boundaries.
SUI/USDT is currently in a consolidation phase after a significant bullish rally. Traders should closely monitor the $3.20 support and $3.70 resistance levels. A decisive breakout above $3.70 could trigger renewed bullish momentum, while a break below $3.00 might indicate a deeper pullback.