As a seasoned crypto investor with a knack for spotting promising altcoins, I’ve been keeping a close eye on $SUI and $APT. The impressive runs these coins have made over the past few days have certainly piqued my interest.
Over the past few days, the digital currencies SUI and APT have shown remarkable surges, each gaining a minimum of 10% this week. Will these upward trends continue in the future?
$SUI on the rampage
In September, the price of SUI (SUI/USD) surged an impressive 170%, while many other cryptocurrencies saw minimal growth or remained stationary during the same period. Following a brief downturn that led to SUI reaching the base of its trendline, the price has climbed approximately 11% over the last week.
Looking at the temporary price graph, we see an uptrend occurring in September. If this positive trend continues, there might be a potential breakthrough at the peak of the pattern, which would indicate a very optimistic outlook for the market.
$SUI must attain a higher high
For the span of a week, the price movement of $SUI appears quite promising. However, it’s crucial for $SUI to surpass its current peak of $2.17 in the future, thereby establishing a new high. Such an action would validate the ongoing upward trajectory.
However, there is one potential obstacle on the horizon, which is the weekly Stochastic RSI. This is showing that price momentum has topped. That said, the last time this was the case, the Stochastic RSI indicators remained at the top, and price momentum did continue.
If Swisscom (SUI) continues its increasing trend in pricing, reaching a potential target of $3.24 based on the 1.618 Fibonacci extension could be quite realistic – representing over 50% growth from the current point.
Strong $APT run, but is the price about to be rejected?
Since early August this year, the APT price (APT/USD) has experienced a robust surge, climbing as high as 115% during this span. Over the majority of this period, the price has been attempting to break above an upward-sloping trend line, but hasn’t managed to do so yet. Recently, $APT did briefly cross above the trend line, but soon dropped below it and also the horizontal resistance at $8.87.
$APT macro trend is still down
Examining the weekly graph for APT, it’s evident that although there might be a budding short-term upward swing, on a broader perspective, the overall trend points downward. The current price of APT is significantly lower than its previous peaks, indicating that APT bulls have an uphill battle ahead.
Support for the price of $APT appears solid around $7.57, but overcoming resistance at $8.87 remains a challenge. Similar to the trend with $SUI, the weekly Stochastic RSI indicates a potential peak, suggesting that the price of $APT may soon begin to reverse its direction from this point.
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2024-10-07 15:01