Altcoin Rally: Sui ($SUI), Aptos ($APT), Theta Network ($THETA) - Market Overview & Insights
Several altcoins have jumped over 5% on Monday. Is this recent uptick a sign of a bigger trend, or just a fleeting moment before the downward trajectory resumes?
Could $SUI Reach Its Peak Again?
Source: TradingView
On Monday, $SUI was the standout performer among top altcoins, climbing 8%. The weekly chart above shows that last week's dip below $2.40 touched a key support line, suggesting the downtrend might have run its course.
The Stochastic RSI at the chart's base indicates a potential bottom. If the indicator surpasses the 20.00 mark, $SUI might gain the upward momentum needed to return to its peak of $5.35.
$APT Faces a Steep Climb
Source: TradingView
The macro outlook for $APT isn't promising, with a series of descending highs pushing the price lower. If this bull market phase is nearing its end, this is not an ideal position for the price.
Nonetheless, there's a chance that $APT may have found a bottom at the critical $5.00 support level. While there is still a considerable distance to cover to break past the last lower high, the initial steps have been taken. The chart outlines potential upward targets, derived from Fibonacci levels.
Source: TradingView
The $THETA weekly chart does not inspire much confidence. A significant 92% drop from its all-time high presents a daunting challenge for a reversal. While the current local downtrend might turn around, reaching the next lower high at $2.20 requires more than a 60% increase from the current levels. The Stochastic RSI is bottoming out, indicating potential upward momentum.
Overall, breaking past the previous high of $3.35 is essential for $THETA to avoid another detrimental lower high.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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