TradeCityPro | SUI: Approaching Key Breakout From Channel

👋 Welcome to TradeCity Pro!
In this analysis, I want to review the SUI coin for you, one of the coins that gained significant attention in 2024 and currently ranks 14th on CoinMarketCap with a market cap of $13.22 billion.

📅 Daily Timeframe
On the daily timeframe, this coin has formed a supply zone near $4, and for the past few months, the price has been struggling with it.

⭐ At the moment, after the latest rejection from this zone, a descending channel has formed, guiding the price slowly downward.

✅ The support level that the price has recently built is 3.1726, which has been tested twice, and now the price is moving toward the top of the channel.

🎲 If the channel breaks to the upside, we can consider opening a long position. The main bullish confirmation will come after breaking the upper resistance zone, but an early long position can be opened upon the breakout of 3.9071.

🔍 If the downward movement resumes and 3.1726 breaks, the move could extend to the next support area at 2.4378.

📝 Final Thoughts

Stay calm, trade wisely, and let's capture the market's best opportunities!

This analysis reflects our opinions and is not financial advice.

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