SUI Experiences Its Most Constricted Bollinger Bands Yet, Indicating Potential Breakout of a Symmetrical Triangle Formed by FET Over Several Months
The cryptocurrency market has been buzzing with activity lately, as several altcoins have set new all-time highs (ATHs) this year. Ethereum, after bottoming out, made a steady climb until it hit its first ATH this cycle in Q3. Notable mentions include Binance Coin (BNB) and Solana (SOL), which also set new ATHs this year.
Meanwhile, some altcoins like ONDO, FET, and SUI have also set new ATHs last year or this year. One such altcoin, SUI, is currently experiencing the tightest Bollinger Bands ever, according to the 1-week chart, while FET is preparing to breakout of a multi-month symmetrical triangle, as indicated by the 2-day chart.
The tight Bollinger Bands in SUI's case suggest a potential price volatility, as when the bands hit the 63 level, SUI experienced massive price pumps twice. The price of FET, on the other hand, could break and hold above $0.70, potentially paving the way for upside targets at $0.88, $1.12, and $1.38.
The correction phase in the altseason has been seen as reestablishing a healthier crypto market, with several analysts predicting that altcoin prices will surge soon. This prediction is based on Bitcoin Dominance showing signs of topping again, a phenomenon that has historically led to altcoin price surges.
One such altcoin that analysts are particularly bullish on is SUI. Several analysts predict that SUI could experience a rapid price increase of 150% to 200% soon, based on bullish technical patterns such as a breakout from a large triangle formation and a retest of previous resistance as support. This bullish outlook is similar to past correlated movements following Solana's rallies, suggesting a potential repeat of this momentum.
The slow pump in the market has allowed traders and investors to accumulate promising altcoins for the peak phase of the altseason. The peak altseason phase is expected to signal the arrival of the altseason, a period of increased activity and price surges for altcoins.
As the altseason grows stronger than ever, it's an exciting time for cryptocurrency enthusiasts. Keep a close eye on your favourite altcoins and stay updated with the latest market trends!
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