invezz.com
Sui (SUI) and Fantom (FTM) have demonstrated intriguing price movements following their respective consolidation phases.
While Sui showcases bullish potential after integration upgrades, Fantom’s rebound is tempered by cautious on-chain metrics.
SUI price rises 15% in a week on positive developments
Sui (SUI) has recently exhibited a strong bullish trend, gaining 20% over the past week and 46% over the past two weeks catching the attention of investors.
This surge follows the integration of the Mysticeti Consensus Protocol and the launch of Grayscale’s Sui Trust.
Notably, the Mysticeti Protocol’s upgrade has reduced consensus time to a swift 390 milliseconds, significantly boosting transaction speeds and overall blockchain efficiency.
Over the past month, SUI has managed to rise from a low of $0.74 to its current price of $1.13, representing a 36% surge.
In addition to the significant technological advancements, the price surge is also backed by a substantial rise in trading volume, which increased by 70.35%, signaling heightened market interest and investor confidence.
Additionally, with its market capitalization exceeding $3 billion, Sui is now ranked 28th in the cryptocurrency market, reflecting its growing prominence.
Technical indicators for SUI are notably positive, with the 9 and 21-day Moving Averages and RSI indicators suggesting a bullish trend.
The open interest in SUI has also grown by 16.72% to approximately $296.60 million, indicating robust market participation. Despite these bullish signs, Sui faces resistance at the $1.5 mark.
Should the positive momentum continue past $1.5, SUI could potentially reach $2.00 and revisit its all-time high of $2.18 from March 2024, marking a potential near 96% increase from its current price.
However, seeing that the RSI is quickly approaching the overbought level at 70, there is a possibility of the token experiencing a slight pullback in the coming days.
Fantom (FTM) rebounding amid mixed signals
Fantom (FTM) has also experienced a notable price rebound, breaking out of a consolidation phase with a 24% gain in 14 days, closing above the $0.50 mark.
This breakout follows a period of consolidation within a Falling Wedge pattern, which typically indicates a potential bullish reversal. However, despite the price increase, analysts remain cautious.
The on-chain metrics do not fully support the price rebound. The weighted sentiment curve, reflecting traders’ and investors’ biases, remains muted and has not responded strongly to the recent price recovery.
This lack of a robust sentiment shift adds a layer of risk to the sustainability of Fantom’s recovery.
In addition, the brief rise in the 24-hour active addresses has since faded, while the 7-day active addresses continue a downtrend, reflecting diminished interest in FTM.
The intraday transaction volume dropped by 33.4% to $80.60 million, further indicating a decline in demand.
Turning to the technical analysis, despite surpassing the 9 and 21-day Exponential Moving Averages (EMAs), FTM lags 9% behind the 200-day EMA, suggesting that while short-term buyers are active, long-term momentum may still be lacking.
The Relative Strength Index (RSI) and the 14-day Simple Moving Average (SMA) indicate a short-term recovery, with the RSI at 60.93 points.
However, for FTM to maintain its bullish trajectory, it will need to overcome resistance near the 200-day EMA. Failure to do so may result in a pullback towards the $0.36 demand zone.
Conclusion
While Sui (SUI) appears to be on a strong upward trajectory following recent upgrades, Fantom (FTM) is demonstrating a cautious rebound amidst mixed on-chain signals.
However, both cryptocurrencies offer intriguing prospects although careful monitoring of key technical and market indicators is required to navigate their respective recovery phases effectively.
The post Sui, Fantom (FTM) breaks out after consolidation phase appeared first on Invezz