The crypto market took a battering after Fed Chair Powell’s speech at the FOMC meeting on Wednesday. However, Thursday has dawned brightly for the crypto market and a bounce is under way. $XRP, $SUI, and $APT are among the altcoins that are bouncing the highest.
$XRP returns inside triangle formation
Source: TradingView
The 4-hour chart for $XRP shows that the bulls managed to hold the price above the ascending trendline, and keep it within the triangle that is forming. Wednesday’s market madness did pull the price down below the trendline at one point, but bulls quickly bought it back up again, as attested to by the candle wick that was left behind.
The 0.618 Fibonacci was probably the strongest support, as can be seen by several dips down to this level since early December. The price could be in the process of flipping the current resistance into support right now. If the bulls are successful, the top of the triangle would likely be the next port of call.
$SUI bounces from bull market trendline
Source: TradingView
$SUI has bounced nicely from the ascending trendline it has been following since late October. Among most of its competitors, $SUI is the one that is rising the most, and falling the least. The next targets are at the 0.618 ($4.61), and then the 0.786 at $4.76. Another all-time high is only just beyond this. $5.00 could soon be reached.
$APT bulls needs to break out of the sideways choppiness
Source: TradingView
$APT doesn’t have the great uptrends of the previous two altcoins, but it has bounced well so far on Thursday. Up 4.6% on the day so far, the price has touched the 0.382 Fibonacci, and is consolidating ready for a possible further move to the upside.
Targets are in the chart above. If $APT is able to get up to the 0.786 Fibonacci, this is likely to coincide with a descending trendline, which bulls will need to break in order for $APT to break up out of this sideways choppiness. This is the minimum that can be expected from the bulls given that the all-time high is still a long way from here.
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.