Sui Coin – Technical Analysis and Elliott Wave Analysis

If you’re keeping an eye on SUI Coin, you’re likely aware of its current technical setup, which could lead to pivotal moves in the coming weeks. With key support levels, potential trend reversals, and significant market structure in play, it’s time to take a deeper dive into what’s happening with SUI and what you should be watching out for.

Key Support Zone: $1.85 – $1.86

Let’s start with the basics. Right now, SUI is hovering around a critical support zone between $1.85 and $1.86. This range has created what technical analysts call a “choppy market,” which means we’re seeing lots of back-and-forth action but no decisive moves yet. It’s the area where buyers and sellers are battling it out. If SUI holds above this range, it signals strength, but any break below could spell trouble.

The ABC Structure: Are We Seeing It?

Currently, SUI appears to be forming an ABC structure, a common corrective pattern in Elliott Wave Theory. This suggests that the pullback we’re seeing might not be over. There could be more downward pressure before we see any significant upward movement.

But here’s the key — higher lows are still being printed. This means that even though the market is facing some downward momentum, the overall structure is still intact. As long as SUI continues to make higher highs and higher lows, it keeps the bullish narrative alive.

Fibonacci Support: Holding Above $1.32 Is Crucial

One of the most important levels to watch is $1.32. This is the 50% Fibonacci retracement level, and holding above this point is critical for the bullish outlook. Why? Well, in technical analysis, retracements to Fibonacci levels often act as powerful support zones. If SUI stays above $1.32, the long-term bullish case remains strong, even if we experience short-term pullbacks.

What Happens If We Break $1.74?

Here’s where things get interesting (or concerning, depending on how you look at it). If SUI breaks below $1.74, we could be looking at a shift in the trend. This level is the previous swing low, and a breach here would likely signal the start of a bearish phase.

On the flip side, if SUI stays above $1.74 and continues to bounce within the $1.85-$1.86 range, we could see buyers step in and push the price higher.

Choppy Market Conditions: Is Caution Needed?

Right now, SUI’s price action is choppy. The third wave rally might have completed, which suggests traders should be cautious moving forward. The market could be range-bound, meaning it’ll likely fluctuate between key support and resistance levels before making any decisive moves.

In these situations, traders need to be patient and wait for confirmation before diving in with full confidence.

Target Levels: $2.47 – Will We Get There?

For those eyeing the upside, $2.47 is the target to watch. This would mark the completion of the third wave and signal a strong bullish continuation. However, we haven’t seen this level hit just yet. A break above $2.15-$2.16 would confirm that wave C is in motion and that SUI is headed for higher levels.

Until then, patience is key.

Final Thoughts: What to Watch Moving Forward

• Support Zones: Keep an eye on $1.85-$1.86 and $1.32 as crucial support levels. If either breaks, it could signal more downside.
• ABC Structure: The current pullback could be part of an ABC correction, so be prepared for more volatility.
• Wave Count: The wave structure is still unclear. Watch for breaks above $2.15-$2.16 to confirm a bullish wave C.
• Bearish Trigger: A drop below $1.74 would signal a potential trend change and a move towards a bearish scenario.

The next few weeks could be pivotal for SUI Coin, and traders should keep these key levels and patterns in mind to navigate the choppy waters ahead.