SUIUSD can target $0.85 after this dead-cat bounce is over.

A month ago (November 05, see chart below) we gave a strong sell signal on Sui (SUIUSD), targeting 1.4320 right at the bottom of its 1-year Channel Down:

The price made direct contact with the pattern's bottom (thus hitting our Target) and rebounded, pricing a Lower Low. Right now the market is in the process of forming the Bullish Leg of the Channel Up (1W RSI almost got oversold also), which we don't expect to be completed like the previous one as this is a dead-cat bounce at the time, limited by the 1W MA50 (blue trend-line), which is technically the Resistance during Bear Cycles.

The 0.5 Fibonacci retracement level is also at a cluster level were the 1W MA50 could reject this bounce along with the 1W MA100 (green trend-line). We believe that the next Bearish Leg will likely break below the Channel Down and target the All Time Low Higher Lows trend-line around 0.8500, which will be a -66.00% decline from the top, similar to the previous two selling sequences.

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