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What’s Going On in the Daily Chart?

When we examine the daily chart of Sui, we see that the price has changed the market structure upwards and is in an uptrend. The price has recently managed to reach the level of $0.9420. The red zone, where it received the last reaction and held the price, corresponds to an important order block on the daily chart. In order for the price to continue to rise, we need to see closings supported by volume above this zone. After the region is exceeded with volume, the first target that the price wants to go to corresponds to the level of $1.1, which is the open liquidity area.

It is very important that the price does not fall below the blue zone in possible retracements. If this strong support level is broken, the market structure may want to turn its direction down again. Staying above the inclined trend support on daily closings confirms that the direction of the price is up. Seeing daily closings below the trend support may be a sign that the price may go to a correction.

A Lower Timeframe: 4-Hour Chart

Looking at the 4-hour chart, which is a lower time frame, Sui seems to have broken the rising channel structure it created upwards. After this break, not making closings below the blue zone at the level of $0.75 is a sign that the rise will continue. The price may want to gain strength by oscillating between the red and blue zones for a while.

Closings below the blue zone may lead to the price falling to the lower support levels, first $0.65, and then $0.57.

The post Popular Altcoin of Recent Times: Sui Technical Analysis! appeared first on Coin Engineer.