Top Altcoins Facing Potential Crash In Coming Week
The post Top Altcoins Facing Potential Crash In Coming Week appeared first on Coinpedia Fintech News
Despite the broader market turning optimistic with Bitcoin’s surge above $63,000, few altcoins struggle to make a comeback. This reflects an underlying fear in some altcoins that they could nosedive with minor market corrections.
Amidst the altcoins projecting a stronger week, they reflect potential weakness or a volatile pivot, reflecting a dangerous turn. Will these altcoins manage a bullish pivot or crash under the crucial support levels?
Let’s look closer at their price analysis for a more confident approach.
Weakness in SUI (SUI) Warns $1 Breakdown
With a bullish failure to reach the $1.50 psychological mark, the SUI price reverts from the 38.20% Fibonacci level at $1.42. However, the altcoin price action displays a potential double-bottom reversal at the psychological mark of $1.
With the RSI divergence, the chances of a bounce back are on the cards. However, the streak of bearish candles and the possibility of death cross warn of a downfall.
A bullish comeback could project a bull run in SUI to hit the $2 mark. However, a bearish dominance fracturing the $1 demand zone could prove fatal for the altcoin. In a breakdown, the next support is at a discount of 30% near $0.30, or the 78.60% Fibonacci level.
Optimism (OP) Recovery Faces Strong Resistance
With a bullish recovery in the last three weeks, the OP price has increased by 21% to approach the psychological mark of $3. However, the 30D return for the altcoin remains 5% negative and struggles to surpass the 61.80% Fibonacci level.
Further, the bullish recovery could be a retest of the coming death cross between the 50 and 200D EMA. Hence, the price analysis projects the altcoin standing at a pivotal stage.
If the uptrend breaks above the $3 resistance, the uptrend could reach the $5 mark. On the downside, a reversal from the high supply zone could discount the altcoin by almost 50% to hit $1.50.
Celestia (TIA) The Altcoin Facing Death Cross
With a bearish resistance trendline at play, the TIA price projects a strong pullback phase in play. As it faces constant rejection from the trendline and the dynamic 50D EMA, the altcoin shows a lower high trend.
The TIA price action shows a potential double bottom forming at the $9 demand, coinciding with the 61.80% Fibonacci level. Further, the RSI divergence bolsters the possibility of an uptrend and could surpass the resistance trendline.
However, the declining trend and the rising supply could break the $9 zone if the broader market faces a bearish speed bump. In such a case, a breakdown will plunge the altcoin to $6.
Will These Altcoins Survive Next Week?
As the recovery rally gains momentum in the broader market, the chances of a relief rally in altcoins increase. However, an underlying weakness in cryptocurrencies could lead to a critical breakdown. These coins could undergo a massive correction next week with such a tectonic shift.
