Sui (SUI) and Fantom (FTM) among first altcoin breakouts
With the first Fed rate cut coming in tomorrows FOMC meeting, the change to a looser monetary cycle is beginning. Bitcoin and crypto are likely to be beneficiaries of this easing. Two altcoins already out of the blocks are $SUI and $FTM. Can their breakouts continue?
With a Fed pivot on the brink of taking place, the best time for getting into some of the high-potential altcoins was probably a few weeks ago. That said, for those not wanting to take the higher risks that this would have entailed, looking for altcoins that have already broken out could be a safer play.
$SUI - one of the strongest altcoins plays currently
Source: TradingView
As can be observed in the short term chart above, the $SUI price has broken out of the descending channel, has made a higher high, and is heading upwards. Already nigh on 150% up from its bottom, this is one of the strongest altcoin plays at this early juncture of what could be a recommencement of the bull market.
Source: TradingView
Viewing the $SUI price on the daily time frame, it should be noted that the price was held up by the 0.786 fibonacci, regained the 0.618 fibonacci, and is now at a strong horizontal level of resistance.
If $SUI is able to break out and hold above this resistance, flipping it into support, the next short term targets are $1.52 and $1.81. Longer term targets are $3.24 and $4.95.
$FTM reverses downtrend
Source: TradingView
The $FTM price has recently broken above a descending trend line that stretches back to March this year, when $FTM made a local top. This breakout, together with a higher high and a higher low mean that $FTM bulls have managed to reverse the downtrend.
Source: TradingView
Zooming out into the weekly time frame for $FTM, it can be noted that there is an extremely strong support base at $0.18. The price has climbed and has now hit the $0.56 resistance level.
Given the momentum from the breakout, and also from the Stochastic RSI trending upward, the $FTM price could be expected to reach the horizontal resistance level at $1.22. The question will then be whether $FTM will top out here, which could be quite likely. A reevaluation of more upside potential would need to be made, if and when $FTM approaches this second resistance.
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.
Read more: https://cryptodaily.co.uk/2024/09/sui-sui-and-fantom-ftm-among-first-altcoin-breakouts
Text source: Crypto Daily™
