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In the 4-hour chart, the SUI price trend shows a ongoing adjustment phase. A pullback has formed an expanded channel pattern within two key areas. This pattern highlights the tug of war between buyers and sellers.
The demand zone is located below the $3.50 level, extending from $3.48 to $3.44. On the upside, the supply zone extends from $4.80 to $4.85. The current pullback phase has led to a nearly 18% drop from the historical high. Currently, SUI is testing the 200 EMA line. This key support level may play a crucial role in determining the next price direction.
In addition, the increasing bearish pressure has led to a negative crossover between the 50 and 100 EMA lines. Currently, the price of SUI is facing resistance from the trend line, making it difficult to break through to the upside. The rejection highlights the strength of bearish momentum.