🚨😳😳$SUI /USDT !! BE ALERT FOR ENTRY😳😳🚨🚨
Thats pair on a 1-hour timeframe. The price is currently following a descending channel pattern, which is generally a bearish continuation pattern. The price has been consistently moving downward within this channel.
Trend Explanation:
- Current Trend:The price is in a downtrend as indicated by the series of lower highs and lower lows within the descending channel.
- Channel Resistance:The upper boundary of the descending channel acts as resistance, preventing the price from breaking out upward.
- Channel Support: The lower boundary of the channel provides support, but the price is expected to continue downward as long as it remains within the channel.
#Breakout Analysis:
Bearish Breakout:The yellow arrows suggest that the price may break out below the descending channel. If the price breaks below the support line of the channel, it is likely to follow the yellow arrows, leading to a further decline.
- Downward Move:The breakout could trigger a significant downward move, potentially targeting the $0.70 to $0.65 range based on the projection of the channel width and the momentum of the current downtrend.
This suggests a bearish outlook for SUI/USDT unless there is a strong reversal or breakout above the channel resistance.
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