As a seasoned researcher with years of market analysis under my belt, I find myself intrigued by the current surge in altcoins, particularly $SUI, $INJ, and $FTM. The breakout of the bull flag in the total altcoin market capitalization is reminiscent of a coiled spring ready to soar, with a potential 50% gain on the horizon should the bull flag play out.
After Bitcoin (BTC), various alternative cryptocurrencies (altcoins) are showing signs of growth and regaining the losses they suffered over the past six months. Some of the altcoins leading this recovery include Suisei ($SUI), Injective ($INJ), and Fantom ($FTM). These coins are currently experiencing rapid upward momentum.
Altcoins market capitalization breaks out and retests
Total3 charts the combined market capitalization of all the altcoins, minus $BTC and $ETH. It can be seen that there has been a breakout of the bull flag, and that the price has recently come back down to retest the support.
As a researcher studying market trends, I’m cautiously projecting a potential jump in value for these altcoins. If the ‘bull flag’ pattern holds, we could be looking at a target price of approximately $943 billion. This represents a significant 50% increase from our current levels. However, it’s important to remember that market conditions can change rapidly and this forecast is subject to various factors influencing the crypto market.
$SUI one of the fastest gainers
Sui is a recently introduced blockchain, highly respected for its advanced technology. It boasts a quicker finality time compared to Solana, yet when it comes to overall transaction speed, Solana maintains its lead.
The SUI graph demonstrates a remarkable climb for this new entrant in recent weeks, with gains amounting to 152%. Currently, the price exceeds the 0.786 Fibonacci level and is on its way towards reaching the all-time high of $2.18. The next significant Fibonacci target looms at around $3.25, serving as a potential resistance point.
The $INJ fight-back is on
Currently, the INJ price remains 54% below its record high, dipping as low as over 70% during its most significant correction. Yet, signs of a comeback are evident, with INJ successfully breaching the downward trend line and now consolidating above the initial Fibonacci level at 0.236.
If the INJ price keeps rising and reaches a new peak of $33, potential resistance levels could be found at $38 (based on the 0.618 Fibonacci retracement) and $44.50 (the 0.786 Fibonacci retracement). The all-time high for INJ is currently set at $53.
$FTM golden cross approaches on daily time frame
Today, the price of Filecoin (FTM) has surged over 8%, marking an upward break from its previous downward trend. Currently, it sits above both the 50-day and 200-day moving averages. Notably, the 50-day moving average is positioning itself to cross back above the 200-day moving average, forming what’s known as a “golden cross.
As a crypto investor, I’ve noticed that the price of $FTM has consolidated above the 0.382 Fibonacci level. This suggests that we could potentially see the price move upwards towards the next Fibonacci level, which is at 0.618 or approximately $0.85. If it continues to rise, an overhead target could be at the 0.786 level, which translates to around $1.02.
Despite all that’s been discussed, the FTM bulls face quite an uphill battle to push the price back up to its peak at approximately $3.48.
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2024-10-01 14:04