SUI, time for confirming the reversal uptrend?

Aug 13

The SUI/USDT chart on a 4-hour timeframe has shown a clear downtrend within a descending channel, with consistent lower highs and lower lows since mid-April. Recently, a breakout from this downtrend occurred, leading to a sharp reversal in price action. The false breakout highlighted before the uptrend suggests potential volatility. The price is currently testing the previous resistance around $1.05. If the uptrend sustains, a potential target could be around $2.17, representing a possible 106% gain from the breakout point. However, traders should remain cautious of a potential pullback to retest lower support levels.