Following three intense, bearish trading days, I find myself observing a promising rebound in the market today, specifically on Friday. Notably, Sui (SUI), Render (RENDER), and Fantom (FTM) are currently leading the recovery efforts.
$SUI ticks all the boxes
Among the prominent cryptocurrencies, few can boast a chart as impressive as that of $SUI. Its value consistently climbs higher, experiencing less decline during bearish phases compared to others, while excelling in bullish markets. Even during the recent market dip, its price dipped only as far as the 0.618 Fibonacci level and adhered to an ascending trendline, demonstrating resilience and outperformance.
$SUI parabolic uptrend
The $SUI weekly graph illustrates a stunning, rising trend that resembles a parabola. The opportunity to hold onto the currency above the 2.618 level should be considered alongside the impressive-looking weekly candle we currently see. The significant lower wick that extends down to the ascending trendline demonstrates the high demand for this top layer 1 coin, as evidenced by the substantial buying interest it has attracted. Future potential targets can be found in the chart.
$RENDER holds market structure – bullish
From my perspective as an analyst, I find the weekly chart for $RENDER quite promising. The recent uphold above the crucial horizontal support at approximately $6.68 was a significant development. This resilience suggests a solid foundation being built within a robust market structure below. If this strength were to falter, a potential revisit to around $4.44 might have been imminent. However, given the current scenario, an ascending trendline has also held firm, increasing the possibility of further upward momentum. As for potential price targets, they are outlined in the chart based on Fibonacci levels.
$FTM bulls still have a lot to do
On Friday, Filecoin (FTM) saw the most significant increase among all, climbing over 12% during the day. However, unlike the other two cryptocurrencies mentioned earlier, the bulls have substantial work ahead of them. If this trend persists, the recent surge could establish a higher support level. From there, the bulls would need to overcome the downward sloping trendline and establish a local peak to successfully reverse the downtrend.
Absolutely, in late phases of a bull market, it could indeed happen as suggested. The Stochastic RSI at the chart’s base appears useful because the indicator lines seem to be bottoming out. Once a bottom is established and the blue line goes back above the red one, and both lines surpass the 20.00 level, the ensuing price surge might help drive FTM towards that crucial local higher high.
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2025-01-10 15:13