Sui (SUI) and Fantom (FTM) among first altcoin breakouts

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As a seasoned analyst with over two decades of market experience under my belt, I see a promising opportunity brewing in the current Fed rate cut scenario. While it’s always tempting to jump onto the bandwagon early, I prefer to play it safe and look for altcoins that have already made their moves. Two such coins that seem particularly intriguing are $SUI and $FTM.

As the anticipated Fed rate reduction takes effect during tomorrow’s FOMC meeting, we are stepping into a more lenient monetary cycle. It is expected that Bitcoin and other cryptocurrencies will benefit from this loosening. Two digital coins, namely $SUI and $FTM, have already made their moves early. Will their upward trends persist?

As a Fed pivot seems imminent, it might have been ideal to invest in some high-yielding altcoins a few weeks back. However, if you’re not comfortable with the higher risks associated with this timing, seeking out altcoins that have already broken through could be a less risky approach.

$SUI – one of the strongest altcoins plays currently

From the short-term chart you see, the SUI price has burst through the downward trendline (descending channel), reached a new high, and is currently moving upward. Currently, it’s nearly doubled from its lowest point, making it one of the most promising altcoin investments at this early stage of what might be a resumption of the bull market.

On the daily chart, it’s important to mention that the price was supported by the 0.786 Fibonacci retracement level, reclaimed the 0.618 Fibonacci level, and currently faces a significant horizontal barrier as potential resistance.

Should the SUI price manage to surge beyond its current resistance level, converting it into a support zone, potential short-term objectives lie at $1.52 and $1.81. In the longer run, the price could aim for targets as high as $3.24 and $4.95.

$FTM reverses downtrend

In simple terms, the cost of Filecoin (FTM) has just surpassed a downward trend line which originated back in March this year when the price reached its local peak. This break above the trend line, combined with a new high both for the price high and the low, indicates that the bulls have successfully reversed the previous downtrend.

Looking at FTM‘s price action over a week, we observe a robust support level around $0.18. The price has risen significantly and currently stands at the $0.56 resistance barrier.

Based on the current surge after the breakout and the upward trend in Stochastic RSI, it’s reasonable to anticipate that the FTM price may rise to hit the horizontal resistance at approximately $1.22. However, it’s worth noting that there’s a high chance of a peak at this level. If further upside potential is to be considered, we would need to reassess once FTM nears this second resistance point.

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2024-09-17 14:01