Avalanche (AVAX) Awaits Uptrend Confirmation, SUI Shows Bullish Signs, But Is It Time to Buy?
Cryptocurrency traders and analysts are closely monitoring the price movements of AVAX and SUI, two digital assets that have displayed intriguing chart patterns and key technical levels that could present potential buying opportunities.
What you'll learn 👉
AVAX: Uptrend Continuation Hinges on $64.50 Level
According to trader Crypto Tony’s analysis, the AVAX/USD pair is at a critical juncture. For the uptrend to continue and present a safer long entry, the $64.50 level needs to be flipped into support.
Corroborating this view, analyst altFINS suggests that AVAX is in an uptrend, with the price reaching $65 but facing rejection, leading to a pullback near the $50 support level. This pullback could offer a swing trade entry opportunity, with a potential upside of over 30% back to $65.
Source: altFINS – Start using it today
However, altFINS recommends setting a stop-loss at $45.40, as the $50 level was a previous rejection point, making it a crucial support level to watch closely. Traders are advised to set price alerts for this key level.
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Show more +SUI: Rounded Bottom Pattern Signals Potential Bullish Reversal
Shifting focus to SUI, Crypto Tony’s analysis reveals a compelling setup. The analyst notes that SUI’s chart displays a rounded bottom pattern, a formation often signaling a reversal in a downward trend.
The 3-day chart shows the price forming a ‘V’ shape recovery, indicating a strong reversal from a bearish to a bullish trend. Notably, the price has found support near the $1.45 zone, suggesting a potential long entry opportunity for traders.
At the time of analysis, the price of SUI against USDT was $1.8604, with a high of $2.0263 for that period, showcasing volatility. The slight red candlestick fails to indicate a significant reversal, suggesting that there may be potential for further upside should the bullish pattern receive confirmation.
Current Market Action
Besides the ongoing analysis of potential trading opportunities, it’s worth noting the price movements of AVAX and SUI. According to data from CoinGecko, the price of AVAX currently stands at $46.62, representing a 1.02% decline over the last 24 hours. Similarly, Sui (SUI) has experienced a 2.42% price drop, with its current price at $1.70.
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