Sui Faces Critical Support Level: A Potential Turning Point?
Sui (SUI) is at a crucial support zone on higher timeframes.This area is backed by multiple technical factors, making it a key decision point for traders.
The support zone combines the VWAP point of control,daily support,and weekly support. These levels align to create a strong confluence, increasing the likelihood of a significant price move. As volume decreases and price action compresses, this setup could signal an impending breakout.
- Multi-Level Support: VWAP POC, daily, and weekly support strengthen the zone.
- Volume decline: Lower volume suggests consolidation is nearing an end.
- double Bottom Potential: A prosperous retest could confirm a high-timeframe reversal.
Price has been forming lower highs and lows, but the decline is slowing. This loss of momentum, combined with declining volume, frequently enough precedes a major move. If this support holds,a double bottom could form,leading to a bullish breakout.
Traders should watch for a sharp increase in volume.This would signal the start of a new trend, potentially ending the current downtrend. However,if the support breaks,it could lead to further declines.
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