Date: Thu, Jan 02, 2025, 12:20 PM GMT
The cryptocurrency market is showing signs of recovery today, rebounding from its correction phase that began last month. Bitcoin (BTC), which recently dropped to a low of $92,000 on December 31, has now recovered to its current level above $96,000.
Amid this recovery, top altcoins like Sui (SUI) and Hedera (HBAR) are gaining momentum, making noticeable surges in the past 24 hours. SUI has rallied over 6%, while HBAR has climbed more than 8%.
This recent rebound brings these tokens to crucial resistance levels, raising anticipation about potential breakouts. Let’s analyze their current positions and technical patterns:
Sui (SUI):
SUI is currently trading near a critical resistance at $4.41. The chart shows a symmetrical triangle pattern, a classic indicator of market indecision. This pattern often results in a significant breakout, either bullish or bearish.
- Key Indicators:
- MACD is crossing bullishly, suggesting upward momentum is building.
- RSI at 66 indicates strong buying pressure but remains below the overbought zone, leaving room for further upside.
If SUI breaks above the triangle’s upper trendline, it could target the $4.84 level, its all time high and technical resistance zone. Conversely, failure to break resistance might see it retesting the $4.16 support.
Hedera (HBAR):
HBAR has similarly formed a symmetrical triangle pattern on its 4-hour chart, trading just below the $0.30 resistance level.
- Key Indicators:
- MACD shows early signs of bullish momentum, as the histogram flips positive.
- RSI at 60 reflects growing buying pressure but remains balanced, indicating the potential for further movement.
A breakout above $0.30 could push HBAR toward $0.40, a significant resistance level observed in previous market rally. However, a breakdown might bring it back to $0.27 support.
Will the Breakouts Follow?
Both SUI and HBAR are trading near key resistance levels, with technical indicators pointing to a potential upside move. However, Bitcoin dominance, which has dropped to 57.48% today, could play a crucial role in determining the market’s direction.
If BTC dominance continues to decline, we can anticipate breakouts in altcoins like SUI and HBAR as traders diversify away from Bitcoin into high-potential altcoins.
While the technical setups are promising, the broader market sentiment and BTC’s price action will remain decisive in the days ahead.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.