SUI/USDT Daily Chart Analysis – Rising Wedge Breakdown & Demand Retest in Sight
The daily chart of SUI/USDT shows a clear rising wedge pattern, typically a bearish continuation formation, which now appears to be breaking down. Price has recently been rejected from a major supply zone between $4.15 – $4.40, where historical resistance caused a reversal.
The break below the lower trendline of the wedge suggests that bullish momentum is weakening. Volume also shows a notable decline during the wedge formation and a spike on the breakdown, adding confirmation to the bearish signal.
Currently, price is approaching the first key demand zone around $3.55 – $3.70, which is also the previous breakout level and may act as initial support. A clean retest and strong reaction here could offer a short-term bounce.
Below that, a stronger “LONG IDEA” demand zone sits between $3.20 – $3.40, marked by previous consolidation and structural resistance turned support. This area represents a potential long entry zone for swing traders seeking a better risk/reward setup.
The lower green zone, labeled “SUPPORT” around $2.70 – $3.00, serves as a deeper fallback level in case of continued selling pressure.
The daily chart of SUI/USDT shows a clear rising wedge pattern, typically a bearish continuation formation, which now appears to be breaking down. Price has recently been rejected from a major supply zone between $4.15 – $4.40, where historical resistance caused a reversal.
The break below the lower trendline of the wedge suggests that bullish momentum is weakening. Volume also shows a notable decline during the wedge formation and a spike on the breakdown, adding confirmation to the bearish signal.
Currently, price is approaching the first key demand zone around $3.55 – $3.70, which is also the previous breakout level and may act as initial support. A clean retest and strong reaction here could offer a short-term bounce.
Below that, a stronger “LONG IDEA” demand zone sits between $3.20 – $3.40, marked by previous consolidation and structural resistance turned support. This area represents a potential long entry zone for swing traders seeking a better risk/reward setup.
The lower green zone, labeled “SUPPORT” around $2.70 – $3.00, serves as a deeper fallback level in case of continued selling pressure.
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