As a seasoned researcher who has seen market cycles come and go, I find myself intrigued by the recent trends of $SUI and $APT. The short term chart for $SUI suggests that we might be on the brink of a price surge due to the potential short-term bounce at the support level and the impending cross-up in the Stochastic RSI on the 4-hour. However, the weekly chart paints a slightly different picture, indicating potential concerns for the $SUI bulls as we approach the 0.786 Fibonacci level.
Over the past couple of days, there’s been a noticeable decline in the momentum for comparatively fresh layer 1 networks like $SUI and $APT, which had experienced a significant rise earlier. Could we be on the verge of another upward swing now that they seem to have found their support levels?
Short term price momentum about to lift the $SUI price
In simpler terms, as we look at the short-term chart for SUI (SUI/USD), the price has nearly touched and even fallen beneath the rising trendline. Additionally, it has already dropped to around 0.618 Fibonacci level in this short-term movement. If the trendline fails to support the price, there’s a potential support at $1.72, which is the 0.786 Fibonacci level.
Glancing at the base of the graph, the 4-hour Stochastic RSI shows the markers sitting very close to the lowest point. This could mean a crossover is imminent, indicating that new price movement might occur soon.
Weekly time frame shows some concern for $SUI bulls
For bullish investors tracking $SUI, there’s growing unease as the weekly chart indicates a potential shift in trend. The extended uptrend appears to be nearing its end, suggested by a significant upper wick on the candlestick that fell short of reaching a new high. Over the coming weeks, this could foreshadow a possible downturn for $SUI’s price.
It seems like SUI might not hold onto the 0.786 Fibonacci level, which means we should closely monitor any potential short-term rebound to ensure the price stays above this point.
But if you consider the Stochastic RSI approaching a dip, hinting at a potential downturn crossover, and given the current bearish price trend, the supporters of $SUI should stay alert, ready for any potential change in direction.
$APT hits bounce zone
For now, within a short time span, it seems that the APT price (APT/USD) might have touched its bounce area based on the 0.618 Fibonacci level ($8.12). If the price drops further, the 0.786 Fibonacci level could potentially act as support at around $7.73. Meanwhile, a horizontal support line is found slightly below this, at approximately $7.57.
Worryingly lower highs and lower lows on weekly time frame for $APT price
For the weekly APT chart, it currently lacks aesthetic appeal similar to SUI‘s. The pattern of lower highs and lower lows is concerning and doesn’t instill much confidence. Additionally, the Stochastic RSI is indicating a potential reversal, which might suggest several upcoming weeks with negative momentum. However, if Aptos bulls can manage to keep the price above the robust horizontal support level, this trend could be halted or even reversed.
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2024-10-10 13:13