SUI Holds Key Support at $4.60: Eyes on $5.20 Resistance!
2025-01-16
Category: None

SUI/USDT 4H Chart Analysis
Consolidation phase: SUI is consolidating at $4.72 after a rejection from the $5.20 resistance. Price is currently testing PCL (Previous Consolidation Low) support at $4.60.

Current price: $4.72.

 
 Key levels:
 

 
 Support: $4.60 (PCL support) and $4.00 (discount zone, strong demand area).
 Resistance: $5.20 (key level for upside breakout).
 Equilibrium zone: Consolidation suggests potential for accumulation if support holds.
 Volume profile: Decreasing selling pressure indicates a possible shift toward bullish momentum.
 

 
 Trade setup:
 

 
 Entry: Around $4.65-$4.75, close to support at $4.60.
 Target: $5.20 (next major resistance zone).
 Stop loss: Below $4.40 to minimize downside risk.
 Risk-to-reward: Favorable setup, targeting upside continuation if $4.60 support remains intact.
 Confidence level: 7/10 for bullish continuation.
 

 
 Considerations:
 
 
 
 Volume confirmation: Look for an increase in buy volume near the $4.60 support to confirm potential upside.
 Support test: Monitor price action at $4.60; failure to hold may lead to a deeper pullback toward $4.00.
 Breakout potential: A successful test of $4.60 and strong momentum could lead to a retest of $5.20 resistance.
 
This setup highlights a potential long opportunity, but close monitoring of the $4.60 level is essential for trade validation.