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Cryptocurrency News Articles
SUI and Fantom (FTM) Prices Pumping, But Key Resistances Raise Concerns; Here's the Outlook
Sep 19, 2024 at 06:30 pm
SUI continues to move strongly bullish with more than a 30% spike in the past 3 days. This move started after it broke out from a key price zone at around
SUI and Fantom (FTM) prices have continued to pump in the past few days, following a breakout from key technical levels. Here’s a look at what’s next for both cryptocurrencies.
SUI Price Analysis
SUI continues to move strongly bullish with more than a 30% spike in the past 3 days. This move started after it broke out from a key price zone at around $1.1458. The price successfully retested the level as new support yesterday, and since then it has risen by close to 20%.
On a general outlook, SUI’s price action remains strong. However, following the spike after the breakout, it is already approaching resistance at around $1.4334, and it will need to break this level to continue the upward move.
If the price does not break the $1.4334 level, it could retrace back to the last broken resistance at around $1.1458. This level would need to hold as support for bulls to remain dominant.
The RSI is showing that there may be some retracement because it is already at 78. This overbought reading coincides with the price nearing the key resistance level, which could add to the chances of consolidation before a continued upward move.
The 200-day simple moving average is just below the $1.1458 support, and in case the price gets back to this level, it is expected to be a strong level for a bullish recovery.
Fantom Price Analysis
FTM is not slowing down at all. It has remained bullish for the past 4 days, shortly after breaking out from a descending channel. Following the breakout, it consolidated for some days and then started to rise strongly.
Yesterday, it broke above a key resistance level at $0.6169, which could be a tailwind for further growth as it is expected to attract more buyers who do not want to miss out on this opportunity.
The analysis of the RSI and simple moving average for FTM is a little mixed. The RSI is at a reading of 75, showing overbought levels and suggesting we could see a minor pullback. The 200-day simple moving average is just at the broken resistance of $0.6169, strengthening its chances of becoming strong support.
If this support holds, we expect to see FTM continue its rally. This could also be supported by the more general positive sentiment in the market following the Fed rate cut.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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