After three torrid days of sharp downward price action, the market is beginning the recovery on Friday. Among the frontrunners so far are Sui (SUI), Render (RENDER), and Fantom (FTM).
$SUI ticks all the boxes
Source: TradingView
There aren’t many major cryptocurrencies with a chart as good as for $SUI. The $SUI price just keeps going up. In the bearish phases it falls less, and in the bullish phases it outperforms the field. In the latest dip, the price came down to the 0.618 Fibonacci, and also respected the ascending trendline.
$SUI parabolic uptrend
Source: TradingView
The weekly chart for $SUI shows the parabolic uptrend in all its glory. The potential hold above the 2.618 has to be seen in conjunction with the current fantastic-looking weekly candle. A very long wick down to the ascending trendline bears testament to the huge buying interest in this top layer 1 coin. Further targets are in the chart.
$RENDER holds market structure – bullish
Source: TradingView
The weekly chart for $RENDER is looking good. The recent hold above the major $6.68 horizontal support was extremely important. This is the bottom that is being built on very strong market structure below. If this were to fail, a return to $4.44 could have been on the cards. As it is, an ascending trendline has also held, and the price has the chance to go higher now. Targets as per the Fibonacci levels are in the chart.
$FTM bulls still have a lot to do
Source: TradingView
$FTM has experienced the biggest gains on Friday so far, up more than 12% on the day. That said, unlike the previous two cryptocurrencies mentioned, the bulls have a huge amount to do. If it continues, the recent bounce can set a higher low, and it would then remain for the bulls to break the descending trendline and put in a local high in order to break the downtrend.
Of course, in the latter stages of a bull market, this is entirely possible. The Stochastic RSI at the bottom of the chart is looking helpful, given that the indicator lines are bottoming. Once a bottom is achieved, and the blue line crosses back over the red, and both lines get above the 20.00 level, the resulting price momentum could help push $FTM to that important local higher high.
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.
