Among the altcoins, $SUI and $APT put on two impressive runs over the last several days that took them both to gains of at least 10% for the week. Can these positive gains be maintained going forward?
$SUI on the rampage
Source: TradingView
The $SUI price (SUI/USD) rampaged as much as 170% to the upside during the month of September, and this at a time when other cryptocurrencies made far less gains, or were relatively flat. After a short corrective movement, which took $SUI to the bottom of the wedge, the price rose nearly 11% over the last week.
The short term price chart above shows the upward movement during September. If the price can maintain momentum, a breakout of the top of the wedge could be possible, which would be extremely bullish.
$SUI must attain a higher high
Source: TradingView
In the weekly time frame, the $SUI price action looks very good. It just remains for $SUI to make a higher high than $2.17, which would confirm the upward trend.
However, there is one potential obstacle on the horizon, which is the weekly Stochastic RSI. This is showing that price momentum has topped. That said, the last time this was the case, the Stochastic RSI indicators remained at the top, and price momentum did continue.
If $SUI does maintain its upward price direction, a target of $3.24 at the 1.618 Fibonacci is very possible – a more than 50% gain from here.
Strong $APT run, but is the price about to be rejected?
Source: TradingView
The $APT price (APT/USD) has had its own strong run since early August this year, putting on as much as 115% over this period. The price has been trying to get above an ascending trend line over most of this time, and has so far failed to achieve this. $APT did rise above the trend line for a short period of time just recently, but fell back below this, and also the horizontal resistance at $8.87.
$APT macro trend is still down
Source: TradingView
Looking at the weekly chart for $APT, it can be seen that while a short term uptrend is perhaps beginning to take place, on this larger scale, the macro trend is to the downside. The $APT price is well below its previous highs, and so $APT bulls have a lot of work to do.
Strong support can be found at $7.57, while the resistance at $8.87 must still be surmounted. As is the case with $SUI, the weekly Stochastic RSI is at a top. Therefore the $APT price may start to reverse from here.
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.
