Despite the broader market turning optimistic with Bitcoin’s surge above $63,000, few altcoins struggle to make a comeback. This reflects an underlying fear in some altcoins that they could nosedive with minor market corrections.
Amidst the altcoins projecting a stronger week, they reflect potential weakness or a volatile pivot, reflecting a dangerous turn. Will these altcoins manage a bullish pivot or crash under the crucial support levels?
Let’s look closer at their price analysis for a more confident approach.
Weakness in SUI (SUI) Warns $1 Breakdown
With a bullish failure to reach the $1.50 psychological mark, the SUI price reverts from the 38.20% Fibonacci level at $1.42. However, the altcoin price action displays a potential double-bottom reversal at the psychological mark of $1.
With the RSI divergence, the chances of a bounce back are on the cards. However, the streak of bearish candles and the possibility of death cross warn of a downfall.
A bullish comeback could project a bull run in SUI to hit the $2 mark. However, a bearish dominance fracturing the $1 demand zone could prove fatal for the altcoin. In a breakdown, the next support is at a discount of 30% near $0.30, or the 78.60% Fibonacci level.
Optimism (OP) Recovery Faces Strong Resistance
With a bullish recovery in the last three weeks, the OP price has increased by 21% to approach the psychological mark of $3. However, the 30D return for the altcoin remains 5% negative and struggles to surpass the 61.80% Fibonacci level.
Further, the bullish recovery could be a retest of the coming death cross between the 50 and 200D EMA. Hence, the price analysis projects the altcoin standing at a pivotal stage.
If the uptrend breaks above the $3 resistance, the uptrend could reach the $5 mark. On the downside, a reversal from the high supply zone could discount the altcoin by almost 50% to hit $1.50.
Celestia (TIA) The Altcoin Facing Death Cross
With a bearish resistance trendline at play, the TIA price projects a strong pullback phase in play. As it faces constant rejection from the trendline and the dynamic 50D EMA, the altcoin shows a lower high trend.
The TIA price action shows a potential double bottom forming at the $9 demand, coinciding with the 61.80% Fibonacci level. Further, the RSI divergence bolsters the possibility of an uptrend and could surpass the resistance trendline.
However, the declining trend and the rising supply could break the $9 zone if the broader market faces a bearish speed bump. In such a case, a breakdown will plunge the altcoin to $6.
Will These Altcoins Survive Next Week?
As the recovery rally gains momentum in the broader market, the chances of a relief rally in altcoins increase. However, an underlying weakness in cryptocurrencies could lead to a critical breakdown. These coins could undergo a massive correction next week with such a tectonic shift.
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