SUI/USDT Fibonacci and Channel Breakdown - Potential Retracement
2024-10-20

**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.