After establishing a record high of $123,218 on Monday, Bitcoin (BTC) entered a correction phase, retreating below the $119,000 mark as of the time of writing on Tuesday. This correction has also spread to leading altcoins, reflecting a temporary weakening of the market. However, Onyxcoin (XCN), Pudgy Penguins (PENGU), and Sui (SUI) have shown impressive resilience as they continue to maintain an upward trend, revealing the potential for a stronger breakout if Bitcoin soon establishes a solid support area.
XCN challenges a key resistance level
Onyxcoin (XCN) adjusted slightly by 2% at the time of writing on Tuesday, after a strong breakout of 13% in the previous trading session. The upward momentum was sparked when XCN bounced off the 200-day exponential moving average (EMA) and broke through the resistance line connecting the peaks of January 26 and May 16 — an important technical signal indicating a potential trend reversal.
However, the current uptrend is facing a barrier at the 50% Fibonacci retracement level, around $0.019 — established from the peak of $0.050 on January 26 to the bottom of $0.007 on April 7. A decisive close above this level could open up opportunities for a prolonged recovery, aiming for the peak area of $0.029 established on April 11.
Technical indicators are also supporting a positive scenario. The MACD indicator maintains an upward trend, with both the MACD line and the signal line above the 0 line — a sign that buying pressure is still dominant. Meanwhile, the relative strength index (RSI) is fluctuating around 67, after escaping the overbought zone, reflecting that upward momentum is slightly slowing down during the current correction phase.
If it cannot break through the $0.019 level, XCN is likely to turn back to test the 50-day EMA, located near the $0.015 area.
PENGU reverses trend, approaching a key resistance level
After a remarkable reversal, Pudgy Penguins (PENGU) is now stabilizing around the $0.030 level, recording a strong increase of 28% since Sunday. At the time of writing, PENGU continues to rise slightly by 2% on Tuesday, fluctuating in a contested area between two significant Fibonacci retracement levels: 61.8% at $0.022 and 78.6% at $0.037 — determined from the peak on December 17 ($0.070) to the bottom on April 9 ($0.003).
With investors still watching from the sidelines, a decisive close above the $0.037 level could be a confirmation signal for the continuation of the upward trend, opening up opportunities towards the psychological resistance level at $0.050.
Technical signals are also leaning towards the bulls: the 50-day EMA has just crossed above the 200-day EMA, forming a golden cross pattern – often seen as a sign of the beginning of a new uptrend. Additionally, momentum indicators like the MACD with a gradually increasing green histogram, along with the RSI reaching the overbought zone (86 points), further reinforce the bullish outlook.
However, if the momentum is not enough to maintain the upward trend, PENGU may turn back to test the support area at the Fibonacci 61.8% level at $0.022.
SUI continues its upward momentum, aiming for the $4 mark and beyond
SUI has only slightly decreased by less than 0.50% at the time of writing on Tuesday, but still maintains an impressive increase of 11% compared to Monday. Notably, this altcoin has broken above the resistance line connecting the peaks of May 12 and June 10 since last Wednesday's trading session.
Currently, SUI is approaching the $4 mark, with the next target for the bulls being the 78.6% Fibonacci retracement area at $4.20 — established from the peak of $5.36 (January 6) to the bottom of $1.71 (April 7). If it surpasses this resistance level, the upward momentum could be extended, pushing the price back to the old peak of $5.36.
Technical indicators continue to reinforce the positive trend: the 50-day EMA and the 100-day EMA are converging and may create a golden cross – a strong support signal for the bulls. The RSI is currently at the 70 level, hitting the overbought threshold, while the MACD still maintains green on the histogram, reflecting that the upward momentum is being reinforced.
However, in the correction scenario, SUI may turn back to test the support level at the 50-day EMA, currently around $3.13.
