After a considerable surge for relatively new layer 1 networks $SUI and $APT, both have been cooling off over the last two or three days. With both coming down to support, could the next bounce be about to take place?
Short term price momentum about to lift the $SUI price
Source: TradingView
The short term time frame chart for $SUI shows that the price (SUI/USD) has practically come down to the ascending trend line, and has already dipped below the 0.618 Fibonacci for this short term move. If the trend line doesn’t hold, the 0.786 Fibonacci is below at $1.72.
Looking at the bottom of the chart, the Stochastic RSI on the 4-hour is showing the indicators right at the bottom. A cross-up, signalling renewed price momentum may not be far away.
Weekly time frame shows some concern for $SUI bulls
Source: TradingView
The weekly chart for $SUI is showing some concern for bulls. The longer term uptrend does look as though it is over. A long candle wick to the upside, which did not quite make a higher high, could be ominous for the $SUI price over the next few weeks.
$SUI looks as though it is being rejected from the 0.786 Fibonacci, and therefore it will be important that the potential short term bounce can keep the price above this level.
However, with the Stochastic RSI also at the top, potentially about to signal a cross down, and negative price momentum, the $SUI bulls will need to be extremely vigilant for a possible reversal.
$APT hits bounce zone
Source: TradingView
In the short term time frame it appears that the $APT price (APT/USD) may already have hit its bounce zone at the 0.618 Fibonacci ($8.12). If the price does fall through, the 0.786 Fibonacci is support at $7.73, while horizontal support is just below this at $7.57.
Worryingly lower highs and lower lows on weekly time frame for $APT price
Source: TradingView
As was the case for $SUI, the weekly $APT chart is not a thing of beauty. Lower highs and lower lows do not inspire confidence. The Stochastic RSI is also showing signs of a cross back down. This could signal several weeks of downside momentum, unless the Aptos bulls can hold the price above the very strong horizontal support level.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
