Date: Fri, Oct 04, 2024, 06:29 AM GMT
October is usually a bullish month for crypto, but this year has been an exception. The escalating geopolitical tensions between Iran and Israel have sparked fear in the markets, triggering a panic sell-off. As a result, top altcoins like Sui (SUI), Kaspa (KAS), and Sei (SEI) have taken significant hits, but are now showing signs of stabilizing at key support levels.
Source: Coinmarketcap
Sui (SUI):
Sui has been one of the best-performing altcoins recently. However, the market's selling pressure has pushed $SUI down to its key support level around $1.60. Despite this drop, SUI has shown resilience, bouncing slightly and currently trading at $1.71. If it holds this level, SUI could see a potential rebound.
Kaspa (KAS)
Kaspa has been under pressure, with a 30% drop from its recent high of $0.21 to a low of $0.14. However, KAS seems to have found support at its trendline, suggesting the worst might be over. It’s now showing signs of recovery, trading at $0.15. A continued rise could mark the beginning of a rebound for Kaspa.
Sei (SEI):
Sei has had an impressive run, still up 57% over the last 30 days. However, the market correction has brought $SEI back to retest its breakout level at $0.3911. At present, it’s hovering slightly above this, trading at $0.3942. Holding above this support could indicate a continued upward trend.
What's Ahead?
Bitcoin has been making a recovery after facing rejection at the $66K level on October 1st. This has led to a series of bull traps, pushing BTC down to $60K. Despite the downturn, BTC is showing strong support at this level and currently trading at $61200. If it holds, we could see a market-wide recovery. However, failure to maintain $60K support may lead to another round of sell-offs.
Conclusion
While the recent downturn has rattled the market, key support levels are holding for top altcoins like SUI, SEI, and KAS. If these levels remain intact, a recovery could be on the horizon. However, caution is advised, as the market remains volatile due to external geopolitical factors.
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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions.
