With the recent movement in the SUI price, it seems that the $ 1.06 level stands out as a strong support and resistance line. As the price fluctuates in the short term, investors are looking for a potential breakout through both technical indicators and formations.
Critical technical zone: $1.06 level
SUI price is facing strong support in the $1.06 band. Technically, this level coincides with both an important psychological limit and the Fibonacci 0.618 retracement point. The rising megaphone pattern that appeared on the last hourly chart indicates that the price movement has begun to expand, strengthening the expectation of a possible breakout among market participants.
Rising megaphone patterns are frequently seen as volatility increases in financial markets and generally signal sharp upward or downward price movements.
Mini glossary: The Rising Megaphone Pattern is a classic chart pattern in which both bottoms and tops gradually rise and price fluctuations grow larger. It indicates increased uncertainty and volatility; It is usually a preliminary signal of a strong break in the trend.
The $1.06 level is seen as both strong support and resistance. This region is closely followed because it overlaps with the Fibonacci level of 0.618, calculated from the last high-bottom range.
It is stated that the price traded in the market is currently close to $ 1.09, and there has been some withdrawal from the previous high levels. After the price was recently rejected in the $1.13-1.15 region, it dropped to a low of $0.9832 and recovered from that low point to return to the $1.06-1.08 range.
Moving averages and possible scenarios in the short term
On the hourly chart, it can be seen that the price is moving near EMA21 and EMA50, while EMA200 is at $1,078. The fact that SUI cannot exceed these moving averages indicates that an unstable atmosphere continues in the market in the short term. Still, maintaining the $1.04-1.06 band shows that buyers are resilient.
If the price remains above $1.08 in the short term, levels of $1.10 and $1.13 may come to the fore. In a possible downturn, support is in the $ 1.04-1,045 band; Below this area, there may be a new test at $ 1 and then at $ 0.9832 in daily or hourly closings.
It is reported that the MACD indicator on the hourly chart is weak, the moving average is close to the signal line, and the momentum is not evident at the moment.
Daily chart and main targets
On the daily timeframe, the SUI price appears to be forming a wider base between $0.90-$1.10. The price previously rose above this range, reaching the $1.30-1.40 band, and then retreated to the support zone again. There is a wide demand zone on the chart between $0.96-$1.08.
In particular, the Fibonacci level of 0.618 corresponds to $ 1.06 and 0.786 corresponds to $ 0.96; It supports the view that the price holding above $1.05-1.06 will be a positive signal in the short-medium term. In possible volatility, a short-term return to the $ 0.96-1.00 band may not disrupt trend integrity, but daily closings below $ 0.96 weaken the breakout view.
SUI price is recovering again by holding on to support after testing short-term low levels. Experts point out that this move may increase investor confidence.
Resistance levels of $1.17-1.31 stand out as the first upside target. If there is a daily close above $1.31, the $1.68 and $1.73 levels will come to the fore as new technical targets. It is estimated that if $ 1.73 is exceeded, the rise may continue up to $ 2.09.
SUI’s total market value is around $4.20 billion. According to this indicator, the range between 3.5-4 billion dollars is strong support, and the range between 4.8-5.2 billion dollars is the main resistance. For a decisive recovery, the market value will need to break the upper regions again.
| Level/Technical Region | Price (USD) | Technical Meaning |
|---|---|---|
| Support | 1.04-1.06 | Region where buyers increase their weight |
| Fibonacci 0.618 | 1.06 | Critical horizontal line |
| Resistance | 1.17-1.31 | Strong sales probability |
| Medium Term Target | 1.73 | If the rising structure is confirmed, the main target |
| Downward Scenario Lower Level | 0.96 | Last limit of support on a daily basis |
