Ripple ($XRP), Sui ($SUI), and Aptos ($APT) bounce highest following market plunge

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As a seasoned analyst with over two decades of market experience under my belt, I have witnessed countless market fluctuations and trends that have shaped the financial landscape as we know it today. Today’s crypto market bounce-back is a testament to the resilience of digital assets, even in the face of adversity.

After Fed Chair Powell’s speech at the FOMC meeting on Wednesday, the cryptocurrency market experienced significant downturn. Yet, today has brought a positive change for the crypto market as a recovery is in progress. Among the alternative coins, $XRP, $SUI, and $APT are showing the most substantial rebounds.

$XRP returns inside triangle formation

On the 4-hour chart for $XRP, the bulls have successfully maintained the price above an uptrend line and within a triangle that is developing. Although Wednesday’s market turmoil briefly caused the price to drop below the uptrend line, the bulls swiftly regained control, as evidenced by the long candle wick indicating a quick recovery.

As an analyst, I’ve noticed that the 0.618 Fibonacci level has been a significant point of support since early December, with several price dips occurring at this point. Currently, it appears we might be witnessing a shift where this resistance level could potentially transform into support. If the bulls manage to sustain this trend, the peak of the triangle would likely be our next stop.

$SUI bounces from bull market trendline

Switcheo (SUI) has rebounded gracefully from its upward trendline it’s been adhering to since late October. Compared to many of its peers, SUI stands out for experiencing the most growth and least decline. Potential upcoming milestones include levels at approximately $4.61 (0.618 Fibonacci Retracement) and then $4.76 (0.786 Fibonacci Retracement). An all-time high, just shy of $5.00, may be attained shortly.

$APT bulls needs to break out of the sideways choppiness

Despite not showing the impressive upward trends of the last two cryptocurrencies, APT has performed well today, with a 4.6% increase so far. The price has reached the 0.382 Fibonacci level and is currently pausing, possibly preparing for another potential upward push.

In the graph you see, if APT manages to reach approximately 0.786 (a Fibonacci level), it may encounter a downward trendline. For APT to break free from this current sideways pattern, bulls must overcome and surpass this descending trendline. This is considered the least optimistic scenario for bulls since the all-time high is yet to be attained at this level.

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2024-12-19 16:06