Bull Trap at Resistance
SUI's failure to reclaim the $1.30 resistance zone proved to be another bull trap, with sellers quickly taking control after the breakout attempt. The rejection at both resistance and the 21-week EMA reinforces the bearish structure.
Trend Remains Bearish
The 21/8-week EMAs remain bearishly crossed, with price continuing to trade below both moving averages. Until these are reclaimed, rallies are more likely to be viewed as relief moves within the broader downtrend.
Selling Pressure Easing
Weekly selling volume has begun to ease into the recent lows, suggesting bearish momentum may be slowing. Even so, RSI remains below 50, indicating the bears still hold the technical advantage.
Resistance Remains the Key
The first level bulls need to reclaim is around $0.85, where previous support has now turned into resistance. A successful move back above this area would be the first meaningful sign that sentiment is beginning to improve.
In Summary
SUI remains firmly in a bearish structure after another failed attempt to reclaim major resistance. Although selling pressure has eased slightly into the lows, the bearishly crossed weekly EMAs and RSI below 50 continue to favour the downside. Bulls first need to recover the $0.85 resistance before the technical outlook begins to improve, otherwise the risk remains tilted towards further weakness.
SUI's failure to reclaim the $1.30 resistance zone proved to be another bull trap, with sellers quickly taking control after the breakout attempt. The rejection at both resistance and the 21-week EMA reinforces the bearish structure.
Trend Remains Bearish
The 21/8-week EMAs remain bearishly crossed, with price continuing to trade below both moving averages. Until these are reclaimed, rallies are more likely to be viewed as relief moves within the broader downtrend.
Selling Pressure Easing
Weekly selling volume has begun to ease into the recent lows, suggesting bearish momentum may be slowing. Even so, RSI remains below 50, indicating the bears still hold the technical advantage.
Resistance Remains the Key
The first level bulls need to reclaim is around $0.85, where previous support has now turned into resistance. A successful move back above this area would be the first meaningful sign that sentiment is beginning to improve.
In Summary
SUI remains firmly in a bearish structure after another failed attempt to reclaim major resistance. Although selling pressure has eased slightly into the lows, the bearishly crossed weekly EMAs and RSI below 50 continue to favour the downside. Bulls first need to recover the $0.85 resistance before the technical outlook begins to improve, otherwise the risk remains tilted towards further weakness.
I analyse markets by observing levels, patterns, and structure. I share my process and reasoning for educational purposes, helping readers understand market behaviour without giving advice or predictions.
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.
I analyse markets by observing levels, patterns, and structure. I share my process and reasoning for educational purposes, helping readers understand market behaviour without giving advice or predictions.
Pernyataan Penyangkalan
Informasi dan publikasi ini tidak dimaksudkan, dan bukan merupakan, saran atau rekomendasi keuangan, investasi, trading, atau jenis lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Ketentuan Penggunaan.