Among altcoins, $SUI and $APT have posted two impressive gains in the past few days, both up at least 10% this week. Can these positive gains be sustained going forward?
In September, $SUI price (SUI/USD) surged 170%, while other cryptocurrencies were trading much lower or relatively flat. After a brief corrective move, $SUI fell to the bottom of a wedge, and the price is up nearly 11% over the past week.
The short-term price chart above shows an uptrend in September. If the price can maintain momentum, it has the potential to break above the top of the wedge, which would be extremely bullish.
$SUI must reach greater heights
The price action for $SUI is looking very good on the weekly timeframe. $SUI only needs to make a high above $2.17 to confirm an uptrend.
However, there is one potential hurdle ahead and that is the weekly Stochastic RSI. This is suggesting that price momentum has topped out. Still, the last time this happened, the Stochastic RSI indicator was still at the top and price momentum did continue.
If $SUI does maintain its upward price action, then achieving the $3.24 target at the 1.618 Fibonacci level is very likely – an upside of over 50% from here.
$APT is trending strong, but is price about to face rejection?
$APT price (APT/USD) has been on a strong run since early August this year, gaining 115% during this period. For much of this time, the price has been attempting to break above the ascending trendline, but has so far failed to do so. $APT did recently break above the trendline for a short period of time, but has fallen back below it and has fallen below horizontal resistance at $8.87.
$APT macro trend is still down
Looking at the weekly chart for $APT, it can be seen that while a short-term uptrend may be starting to emerge, the macro trend on a larger scale is to the downside. $APT price is well below previous highs, so $APT bulls still have a lot of work to do.
A strong support is seen at $7.57, while resistance at $8.87 remains to be broken. As in the case of $SUI, the weekly Stochastic RSI is on the top. Hence, $APT price could reverse from here.
