SUI Forms Falling Wedge Near Key Support
- SUI has gained 6.50% weekly, while its 290-day falling wedge keeps price near a repeatedly tested lower trendline.
- SUI trading activity remains elevated, with $486.64 million in volume and renewed liquidation spikes during August price movements.
- A confirmed wedge breakout could target $2.00-$2.20, while a lower trendline break would invalidate the reversal structure.
SUI remains near a key technical decision area, with a long falling wedge converging after months of lower highs, lower lows, and repeated support tests.
A 290-Day Falling Wedge Shapes Price Action
CryptoBusy described SUI as a chart worth watching at this stage. TradingView's pattern recognition has identified a falling wedge lasting roughly 290 days. The formation spans nearly the entire decline from the earlier highs.
Source: X
Price has repeatedly created lower highs and lower lows during this period. However, both trendlines have gradually converged as the decline progressed. That compression has brought price closer to the wedge's narrowing endpoint.
… Continue reading the full article at the original source below.
This content is automatically aggregated. Full credit goes to the original publisher (cryptonewsland.com).
