Have Sui ($SUI), Aptos ($APT), and Near Protocol ($NEAR) topped for now?

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As a seasoned crypto investor with over a decade of experience navigating the volatile digital asset market, I’ve learned to read between the lines and interpret chart patterns like a seasoned astrologer reads celestial signs.

It appears that Bitcoin and other cryptocurrencies continue to trend upward overall. Yet, certain digital currencies seem to be displaying signs that they may have peaked. Are these trends applicable to Sui ($SUI), Aptos ($APT), and Near Protocol ($NEAR) as well?

$SUI reaches its cup and handle measured move

As a researcher, I’ve noticed an upward trend in the SUI price over the past period. It breached a cup and handle formation way back in November, and since then, it has climbed to reach its projected move at approximately $4.15. However, soon after surpassing this level, there was a swift sell-off, leaving behind just a few short wicks on the candlestick.

It’s uncertain whether this will lead to further support or if the price could drop again, possibly revisiting the 1.618 level around $3.25. If the uptrend continues, as seems likely given there’s potential for it, a higher target at $5 based on the 2.618 Fibonacci could be reached.

Major resistance approaching for $APT

On the weekly chart for APT, the price appears to be climbing towards approximately $16 following its successful holding above the 0.618 Fibonacci level at $13.58. However, due to a downward trendline aligning with the 0.786 Fibonacci, there may be significant resistance encountered around this price point.

$NEAR needs to get above its next price step

The graph shows that the price of NEAR has surpassed a prolonged downward trendline, which started in early 2022. In this weekly chart, it is evident that a strong pricing pattern has emerged. At present, there are two significant levels at $5.65 and $8.53. The crucial level for NEAR bulls to focus on is the one at $8.53, as breaking through this point could help elevate the price further. This potential breakthrough could later serve as a foundation during the rest of the bull market’s duration.

On the other hand, it appears that the Stochastic RSI has peaked in the weekly timeframe, suggesting that the upward price trend may weaken. This could potentially lead to a price rejection at the 0.382 Fibonacci level.

As a researcher delving into the realm of cryptocurrencies, I’ve observed an intriguing trend: The Relative Strength Index (RSI) on a weekly basis has soared to the top not only for the three digital currencies discussed in this article, but also for numerous other cryptos. This is a notable observation, and it seems plausible that a correction may be imminent at some point. Therefore, I encourage everyone to stay vigilant and keep a close eye on market movements.

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2024-12-06 15:12