Market conditions:
On the daily time frame, SUI has formed a descending triangle. The price recently broke the trend line with a strong impulse candle and is currently testing the horizontal resistance level, which is in the range of $0.8 - $0.9.
Technical analysis:
A breakout of a descending triangle followed by a retest of the resistance level indicates an attempt by buyers to take control of the market. However, a retest of this resistance zone can also lead to a price pullback if sellers effectively defend this area.
Possible scenarios:
If the price manages to hold above the current resistance level, it could open the way for further gains. On the other hand, if the resistance holds, a pullback is possible with a retest of lower levels, where buyers could become active again to prevent further declines.
Conclusion:
The SUI price action is signaling a possible trend change, but the key factor will be the ability to hold above the current resistance level. Close monitoring of price action will be necessary to determine the SUI's future trajectory - whether it will continue to rise or face further downward pressure.
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