Following the lead of Bitcoin (BTC), the altcoins are starting to break out and recover their lost gains of the last six months. $SUI, $INJ, and $FTM are among the altcoins currently making the fastest progress to the upside.
Altcoins market capitalization breaks out and retests
Source: TradingView
Total3 charts the combined market capitalization of all the altcoins, minus $BTC and $ETH. It can be seen that there has been a breakout of the bull flag, and that the price has recently come back down to retest the support.
Taking a measured move for this bull flag, $943 billion is the target. This would mean a 50% gain for the altcoins from the current level, should the bull flag play out.
$SUI one of the fastest gainers
Source: TradingView
Sui is the relatively new layer 1 on the block. Extremely well regarded for its technology, it has an even faster time to finality than Solana, although for overall transaction speed, Solana is still king.
The $SUI chart shows how this newcomer has recently surged upward, putting on 152% in the last few weeks. The price is now above the 0.786 Fibonacci, and its heading towards the all-time high at $2.18. The next major Fibonacci level of 1.618 is an overhead target at $3.25.
The $INJ fight-back is on
Source: TradingView
The $INJ price is still 54% below its all-time high, having gone as low as more than 70% at its deepest correction level. However, the fightback has started, and $INJ has broken through the descending trend line, currently consolidating above the first Fibonacci level of 0.236.
If the $INJ price is able to continue its upward trajectory, and make a higher high at $33, the 0.618 Fibonacci is an overhead target at $38, and the 0.786 Fibonacci is at $44.50. The all-time high is at $53.
$FTM golden cross approaches on daily time frame
Source: TradingView
The $FTM price is up more than 8% on the day so far. $FTM has broken the descending trend line, and is now above the 50 and 200 moving averages. The 50 MA is shaping to cross back above the 200 MA, and by so doing, making a golden cross.
The $FTM price has consolidated above the 0.382 Fibonacci, and should now head up to the next Fibonacci at 0.618 ($0.85). The 0.786 is an overhead target at $1.02.
All this said, the $FTM bulls still have a lot of work to do to get the price back to the all-time high at $3.48.
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.
