Bitcoin and crypto are currently seeing a relief rally on Tuesday. Is this short-term, or could this be the start of something bigger? Sui (SUI), Aptos (APT), and Near Protocol (NEAR) are bouncing hard. How high can they go?
$SUI back to March 2024 level
Source: TradingView
The $SUI price is once more back at the level of the March 2024 high. One year has elapsed and it’s as though $SUI has not gone anywhere, although the 146% price climb in the intervening period says otherwise.
$SUI is now below important horizontal support at $2.18. Tuesday’s surge has taken the price back to this level, but for this to be anything other than a confirmation of the breakdown, the bulls must push the price beyond this level and keep it as support.
Source: TradingView
Zooming out into the weekly time frame, the importance of the support level becomes more evident. It looks as though a confirmation of the breakdown of the ascending trendline may take place, although there is still the rest of the week before this can become official.
At the bottom of the chart, the Stochastic RSI is bottoming, perhaps in a similar manner to how it did in May to July 2024. The huge surge, once a cross-up occurred, could happen again. This weekly close could be an important first step.
Is a 4th major surge coming for $APT?
Source: TradingView
The Aptos (APT) price is once again respecting the hugely important horizontal support of $5.11. Three times previously the price has surged from this level, with 297%, 277%, and 198% percentage gains. The last two times, the Stochastic RSI has been at the bottom and has risen to the top, driving upside price momentum. The Stochastic RSI is at the bottom once again. Is it getting ready to propel $APT to another peak?
$NEAR bulls must maintain $2.56 as horizontal support
Source: TradingView
An 8.5% rise for the price of $NEAR on Tuesday has brought it back to the very important horizontal level of $2.56. It is so important that the bulls keep this rally going and that the weekly close sees the price once more above this support level. A confirmation of the level as resistance could effectively kill another big rally for $NEAR, at least in the short term.
If, on the other hand, this does become a sustained rally, and the Stochastic RSI indicators rise from the bottom to signal upside price momentum, the target levels for $NEAR, based on the Fibonacci levels, are in the chart above.
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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