- The lower channel boundary of SUI was once again regained at $2.31 signifying once again of bought pressure following a temporary breakdown.
- At $2.39, there is still strong resistance and the event prevents momentum upwards, although the 4-hour chart is showing consistent recovery.
- The narrow range consolidation is an indicator that there is a short term equilibrium prior to a possible directional movement.
Sui (SUI) has given a new purchasing momentum following its regaining the lower limit of its horizontal channel in the 4 hour time scale. The asset has just fallen out of this critical area but soon reached it, and it seems that the short-term drop was more of a liquidity sweep than structural collapse. This recovery provides hopeful apprehension amid traders as the market normalizes along short-term support.
Buyers Reclaim the $2.31 Support Range
SUI is now trading at a lower value of $2.38 and this represents a 4.2% fall in the last seven days. The token will move within the range of 24 hours with the range of $2.31 to $2.39 with the $2.31 ratio being the immediate support. It is important to note that this level has been retested severally, which is a confirmation of its relevance as a demand zone.
The recent recovery above this boundary indicates that this is being defended by the market participants to avoid additional downward pressure. The volume data represents a steady involvement after the recovery and this depicts that buyers are slowly re-entering the market. This new impetus enhances the stability in the range regained, and short-term sentiment remains wary.
Mid-Level Resistance at $2.39 Caps the Upside
The level of $2.39 will continue to be a major resistance to upward movement despite the improvement. The price action has not been able to confirm above this level several times, which explains the necessity of strong momentum.
Assuming that SUI is stable beyond the lower limit then a test of the mid level resistance may be done. Any weakness lower than 2.31 may, however, open the pair to new selling pressure, which puts pressure on the pair in the near future.
EMA (9) is 2.3723 and SMA (50) 2.5021, which shows that the trading band is very narrow and not very volatile at the present.
Narrow Channel Reflects Market Equilibrium
The price movement of SUI is still within a horizontal channel implying that the market is in an equalized stage. This balance is the condition which usually precedes irrevocable movement in either direction. The consolidation that has been underway around the support measures restrained volatility and orientation on the protection of short-term levels.
Buyers have the ability to keep the token oscillating at its stable range as long as the buyers maintain the control above its equilibrium price of $2.31, it is relatively stable in the short term.
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