SUIUSDT Swift Recovery and Downtrend Break
Upon observing SUIUSDT's medium-term price action, a discernible supply/demand zone materializes in the vicinity of $1.44. While there was an initial attempt to breach this zone, the descent halted in proximity to the 88.6% Fibonacci support. Subsequently, SUI swiftly rebounded, reclaiming its position above the demand area.
The most recent price movements underscore a significant development—the breakthrough above the downtrend trendline. This could potentially signify a persistent bullish pressure.
Our expectation is for SUIUSDT to sustain its upward move, aiming for the nearest key resistance, characterized by a double Fibonacci level.
It's essential to note that only a decisive break below the demand area would cast doubt on this bullish scenario, prompting a reevaluation of the prevailing market dynamics.
The most recent price movements underscore a significant development—the breakthrough above the downtrend trendline. This could potentially signify a persistent bullish pressure.
Our expectation is for SUIUSDT to sustain its upward move, aiming for the nearest key resistance, characterized by a double Fibonacci level.
It's essential to note that only a decisive break below the demand area would cast doubt on this bullish scenario, prompting a reevaluation of the prevailing market dynamics.
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