 SUI/USDT: Trendline Breakout with 257% Upside Potential
2024-11-16

After months of trading within a downtrend, SUI/USDT has broken out above its descending trendline, indicating a potential reversal in trend. Here's a closer look:

1️⃣ Trendline Breakout:

The downtrend that began in mid-2023 has now been invalidated by a decisive breakout above the resistance trendline.
This breakout is backed by strong price momentum and increasing volume, suggesting growing buyer interest.
2️⃣ Measured Move Target:

By measuring the previous swing range, the upside potential targets a move of ~257%, as shown in the projection box on the chart.
The price could potentially rise to the $0.06 zone, aligning with historical price resistance levels.
3️⃣ Key Resistance Levels:

Immediate Resistance: $0.019 (breakout retest area).
Major Target Zone: $0.061.
Trade Plan:
✅ Entry: Look for a retest of the breakout zone around $0.017 - $0.019 for confirmation.
✅ Stop-Loss: Place stops below the descending trendline (~$0.015) to manage risk.
✅ Take Profit: Gradually scale out at $0.03, $0.045, and $0.06.

Macro Context 🌏
With positive sentiment building across the crypto markets, SUI could see significant upside, particularly if it sustains above the breakout zone. 