As the cryptocurrency market continues to evolve, certain digital assets are exhibiting technical patterns that suggest potential price reversals. Notably, Algorand (ALGO), Avalanche (AVAX), and Sui (SUI) are showing signs that may interest traders and investors in the coming week.
Algorand (ALGO)
Algorand has recently broken out of a significant double bottom formation, with the neckline around $0.26 and an accumulation base between $0.15 and $0.16. Following this breakout, ALGO’s price surged to a peak of $0.34, achieving nearly 90% of the measured move target. After this sharp ascent, a pullback was anticipated, bringing the price back to the neckline at $0.26. Currently, ALGO is trading at
$0.266089
, with an intraday high of $0.268644 and a low of $0.244747. A daily close above $0.27 could signal a continuation of the upward trend, potentially targeting the $0.34 level or higher.
Avalanche (AVAX)
Avalanche has tested the $27 neckline twice, indicating a strong resistance level. Support is established at $20, suggesting a consolidation phase. Currently, AVAX is trading at
$23.46
, with an intraday high matching this price and a low of $22.21. A decisive breakout above $27 could pave the way for further gains, with potential targets at $30 and beyond.
Sui (SUI)
Sui’s moving averages are aligning in a bullish order, positioning the price to test the $4.30–$4.40 resistance zone. Presently, SUI is trading at
$3.86
, with an intraday high at this price and a low of $3.50. A successful breach of this resistance could lead to a rally towards the $7 level, as suggested by recent technical analyses.
Investors should monitor these cryptocurrencies closely, as their technical setups indicate potential reversals and upward momentum in the near future. As always, it’s essential to conduct thorough research and consider market conditions before making investment decisions.
