While Bitcoin (BTC) is still maintaining its latest surge, the altcoins are starting to make some big moves of their own. Ripple (XRP) and Sui (SUI) are two of the biggest altcoin success stories just recently. Are both about to take out their all-time highs?
Altcoins set to have their time in the sun
Besides Bitcoin continuing to climb, even though Bitcoin dominance is going the other way, and the fact that the altcoins are breaking out, all seems set for the alts to have their time in the sun, although for how long this might be the case is anyone’s guess.
Total2 flips major $1.27 trillion level into support
Source: TradingView
Total2 is the chart of all the cryptocurrencies excluding $BTC, so it is therefore a good barometer of how the altcoins are doing in general. The chart looks good, showing that major support was found at the $1.01 trillion horizontal level, together with the rising trendline.
Since then, the index price has burst through the $1.27 trillion resistance level, turning this into support as of this week. The next decent resistance is pretty much where the price is now, while a more durable resistance level is overhead at $1.47 trillion. Once this level is surpassed, the all-time high and price discovery await just above.
$XRP could surpass all-time high soon
Source: TradingView
$XRP is heading back to its all-time high, and could be expected to surpass it quite soon. The current move has just begun its fourth week, a period within which the price has increased by 50%. The price has just tagged the $3.00 horizontal resistance level on Monday, and once this is taken out, the move to the $3.40 all-time high should be a formality.
Looking at the RSI and the Stochastic RSI indicators at the bottom of the chart, it can be seen that there is plenty of room still for more upside. The 1.618 Fibonacci for the entirety of this move can be found at $4.50. The price could certainly be expected to reach this.
$SUI price reaches last major resistance
Source: TradingView
$SUI is in a similar position as for $XRP. The last major horizontal resistance level is about to be reached. Once this is breached, the price would be likely to go back to the all-time high at $5.37. Once again, the two charts below suggest that there is plenty of room for further growth.
Dragging out the Fibonacci extension levels for the move from $5.39 back to $1.70, the 0.786 Fibonacci is at $4.60, while the 1.618 is right the way up at $7.63. It would not be a surprise for $SUI to reach this level and likely beyond during the rest of this bull market.
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.
