SUI/USDT Technical Analysis: Bullish MomentumSUI / TetherKUCOIN:SUIUSDTTokey99 Based on the provided chart of SUI/USDT on KuCoin, here's a technical analysis: The chart indicates a potential bullish trend reversal following a period of consolidation. The price has recently broken out of a downward channel, and after a retest of the support level, it appears to be building momentum for an upward move. Technical Observations Fibonacci Retracement: The chart utilizes Fibonacci retracement to identify potential price targets. The current price action is showing a strong move from a local low, suggesting a target of $4.3275 (1.618 Fibonacci extension) and potentially higher. Support and Resistance: The price found strong support around the $3.20 level and has now broken above a key resistance area near $3.80. A sustained move above this level could confirm the bullish sentiment. The next significant resistance levels are at $4.3275, $4.7373, and $5.1472, which correspond to the Fibonacci extension levels. Market Structure: The chart shows a series of higher highs and higher lows since the end of July, which is a classic bullish market structure. The current candle is a strong bullish one, reinforcing the idea of an ongoing uptrend. The target for this move could extend up to the previous all-time high area, as indicated by the arrows. Volume: While not explicitly detailed, the chart suggests that the recent price increase is accompanied by a decent amount of volume, which adds to the credibility of the move. Trading Strategy & Outlook The analysis suggests a long-term bullish outlook for SUI. The key is for the price to remain above the new support level, which was previously a resistance zone. A potential strategy would be to enter a long position with a stop-loss order placed below the recent swing low or a significant support level. The profit targets could be set at the various Fibonacci extension levels. It is important for traders to use proper risk management techniques and to be aware that this is a technical analysis and is not financial advice.