Bitcoin‘s (BTC) rise above $59,000 led to a significant increase in the total value of the cryptocurrency market. This movement in Bitcoin triggered a strong rise in major altcoins as they successfully retested important support levels. Amid this recovery, memecoins and mid to low-cap altcoins achieved the highest gains, attracting investors looking to maximize short-term profits. Currently, Sui (SUI), Fantom (FTM), and Jupiter (JUP) are among the altcoins signaling a bullish breakout.
Sui (SUI)
Sui (SUI) showed a promising uptrend after successfully retesting an important support trend line on the daily timeframe, resulting in an 11% jump in the last 24 hours. The altcoin is currently on the verge of breaking out of a descending channel formation, indicating increased positive momentum.
The Relative Strength Index (RSI) made a sharp exit from the oversold range towards its midpoint, indicating increased buying pressure. Additionally, it shows an average bullish convergence, highlighting SUI‘s potential to continue gaining value this week. If the bulls maintain their momentum, Sui could surpass the resistance level at $0.8925 and target the recent peak at $1.1760. Conversely, if the bears regain control, the altcoin could drop to $0.6125 this month.
Fantom (FTM)
Fantom (FTM) also made a significant jump of approximately 10% in the last 24 hours, with trading volume rising by 24.23% to $158.15 million. The MACD technical indicator shows a continuous decline in the red histogram, indicating increased price movement in the cryptocurrency market. Additionally, the averages show a bullish trend, presenting a positive outlook for Fantom’s FTM price. However, the 50/200-day cross EMA is evolving towards a Death Cross formation, indicating mixed feelings for FTM in the daily timeframe.
If the bulls continue to gain momentum, FTM could test the upper resistance level at $0.680, but a reversal in the uptrend could result in the altcoin falling to the critical support level at $0.390.
Jupiter (JUP)
Jupiter (JUP) has recently seen a mix of declines and rises, with a 4% increase in the last seven days and a sharp 18.90% drop in the last 30 days. Despite this, JUP increased its value by 3.28% in the last 24 hours with a daily trading volume of $109.81 million, indicating an increase in bullish sentiment.
The RSI indicator is approaching its midpoint on the daily timeframe, further emphasizing the increasing bullish sentiment. Additionally, the SMA shows a positive crossover, indicating that JUP could continue to gain momentum this week. If the bulls push the price above the resistance level at $0.8445, it could target a level around $1.160. Conversely, if the bears overpower the bulls, it could fall to $0.540.
