Sui ($SUI) and Aptos ($APT) follow Bitcoin’s ($BTC) lead

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As a seasoned researcher with a background in cryptocurrency analysis and a knack for spotting emerging trends, I find myself intrigued by the recent performance of $SUI and $APT. While Bitcoin continues to dominate headlines, these two altcoins seem poised to make a significant impact.

As Bitcoin ($BTC) gets ready to surpass its record high, most of the cryptocurrency market seems to be on standby, observing the situation. Yet, two altcoins, specifically $SUI and $APT, are strategically timing their moves to align with Bitcoin’s rise. These coins could very well outpace their competitors in the near future.

Traders mainly back BTC or await a market change

Right now, Bitcoin (BTC/USD) is experiencing a significant surge, and there’s a chance we might see a fresh all-time high by the end of today. As Bitcoin dominates the cryptocurrency landscape, particularly during this crucial phase of the bull market, many altcoin traders are either choosing to align with Bitcoin, the crypto kingpin, or they are staying cautious, waiting for indications that the altcoins will follow suit.

It’s worth noting that some stable altcoins might be on the verge of a significant surge in this upcoming bull market phase. Coins like $SUI and $APT, which rank 23rd and 26th by market capitalization respectively, are Layer 1 networks, making them rivals to Ethereum and Solana. Since their market caps are significantly smaller than these major players, there could be ample opportunities for growth.

$SUI about to break out from descending triangle?

Starting in early August of this year, the price of SUI (SUI/USD) embarked on an impressive surge, gaining as much as 410% by mid-October. However, following this significant rise, there was a 32% decrease, which is a reasonable pullback to allow for the accumulated gains to be balanced, and to maintain a steady and healthy uptrend.

The price came down to the 0.382 Fibonacci and has bounced from there – a bullish move. Currently up against the trendline of a descending triangle, a push-through here could open the way to further price growth.

Potential $SUI cup and handle?

As a crypto investor, I’ve noticed on the weekly chart that there seems to be the potential for a ‘cup and handle’ formation in SUI. If this pattern unfolds, the projected move based on the ‘measured move’ technique could push the price beyond $4. Interestingly, the Weekly RSI indicates there’s still some leeway before we hit overbought levels.

$APT climbs inside broadening wedge

Today, Aptos (APT/USD) has increased by over 8% already. It’s currently moving within a broadening wedge pattern, having briefly touched the lower trendline, and is now making its way back towards the upper trendline. However, it still needs to overcome some horizontal resistance before reaching its peak.

Huge $APT W chart pattern forming?

From a weekly perspective, it appears that the bulls for APT face steeper challenges compared to those for SUI. The current APT price is significantly lower (by 96%) than its last peak, which itself was less than the preceding local maximum.

At the moment, the price is encountering horizontal resistance and an additional barrier from the 0.382 Fibonacci level just slightly higher. If the APT price manages to break through and hold above this point, it might signal the formation of a large ‘W’ pattern. A breach of this pattern could pave the way for significant future price escalation.

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2024-10-29 18:04