**Title: SUI/USDT Fibonacci and Channel Breakdown - Potential Retracement Areas**
In this daily chart of **SUI/USDT**, we can observe a few key points of interest:
1. **Ascending Channel**: The price is currently within an ascending channel (outlined by the purple lines). This channel has supported the upward momentum but may now be testing key support levels.
2. **Fibonacci Retracement Levels**: The Fibonacci retracement levels (0.618 and 0.65) are placed between **$1.9855** and **$1.9655**. These are important levels to watch for potential bounce scenarios as price retraces from recent highs.
3. **Volume Profile**: The visible volume profile (on the left) suggests heavy trading activity around the **$2.0248** mark, acting as a possible point of control (POC). If price breaks through, this area could become a strong resistance.
4. **Support and Resistance Levels**:
- Daily resistance at **$2.3358** (upper bound).
- Immediate resistance at **$2.1290**.
- The monthly support is set around **$1.9148** and **$1.8334**, which could act as lower target areas if the retracement continues.
5. **RSI Divergence**: There is a clear **bearish divergence** on the RSI, suggesting a potential slowdown in the upward momentum and a possible correction.
6. **Stochastic Oscillator**: At the top of the chart, the stochastic shows a crossover, which could indicate short-term selling pressure.
**Summary**: Watch for price action around the key Fibonacci retracement levels. A break below the **0.618/0.65** retracement could lead to further declines toward the monthly support zone at **$1.9148** and **$1.8334**. On the upside, reclaiming the **$2.1290** level could see a continuation towards the upper channel and daily resistance at **$2.3358**.
**Trade Consideration**: Look for confirmation in either direction before entering, with volume and momentum indicators as additional guidance.
In this daily chart of **SUI/USDT**, we can observe a few key points of interest:
1. **Ascending Channel**: The price is currently within an ascending channel (outlined by the purple lines). This channel has supported the upward momentum but may now be testing key support levels.
2. **Fibonacci Retracement Levels**: The Fibonacci retracement levels (0.618 and 0.65) are placed between **$1.9855** and **$1.9655**. These are important levels to watch for potential bounce scenarios as price retraces from recent highs.
3. **Volume Profile**: The visible volume profile (on the left) suggests heavy trading activity around the **$2.0248** mark, acting as a possible point of control (POC). If price breaks through, this area could become a strong resistance.
4. **Support and Resistance Levels**:
- Daily resistance at **$2.3358** (upper bound).
- Immediate resistance at **$2.1290**.
- The monthly support is set around **$1.9148** and **$1.8334**, which could act as lower target areas if the retracement continues.
5. **RSI Divergence**: There is a clear **bearish divergence** on the RSI, suggesting a potential slowdown in the upward momentum and a possible correction.
6. **Stochastic Oscillator**: At the top of the chart, the stochastic shows a crossover, which could indicate short-term selling pressure.
**Summary**: Watch for price action around the key Fibonacci retracement levels. A break below the **0.618/0.65** retracement could lead to further declines toward the monthly support zone at **$1.9148** and **$1.8334**. On the upside, reclaiming the **$2.1290** level could see a continuation towards the upper channel and daily resistance at **$2.3358**.
**Trade Consideration**: Look for confirmation in either direction before entering, with volume and momentum indicators as additional guidance.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.