As May comes to a close this weekend, there is a good chance the market will see significant volatility. With June starting this Sunday, altcoins may experience sharp rises or declines if the market shifts.
Thus, BeIn_Crypto analyzed three cryptocurrencies for investors to watch this weekend and whether they should prepare for a rise or correction.
Sui (SUI)
Dropped $SUI
Down approximately 11% over the past 24 hours, currently trading at $3.46. The decline of the altcoin aligns with broader market trends but may worsen this weekend due to SUI-specific internal factors.
One significant event on the horizon is the scheduled launch of 44 million SUI tokens on June 1, which will inject $151 million into the market. This new supply may disrupt the balance between supply and demand, often leading to downward pressure on prices. SUI may experience a notable impact on its price.
SUI Price Analysis. Source: Tradin_gView
The price of SUI nearly touched the support level of $3.33 during the daily dips and may return there soon. However, if positive market volatility returns and SUI regains support at $3.48, a rebound to $3.69 is possible, which would invalidate the current bearish outlook and indicate recovery.
Virtuals Protocol (VIRTUAL)
#VIRTUAL has seen a decline over the past three days but continues its notable upward trend this month. This suggests a potential price reversal over the weekend as investors regain confidence in the altcoin's potential for a rise, despite short-term setbacks.
The Relative Strength Index is still in the positive zone, above the neutral mark, supporting the bullish momentum for VIRTUAL. This momentum can help the altcoin secure $2.45 as a support level, potentially pushing the price toward $2.99 and eventually reaching the $3.00 mark.
VIRTUAL Price Analysis. Source: Tradin_gView
However, if the broader market experiences a correction, VIRTUAL may also face downward pressure. Losing the critical support level of $1.93 would invalidate the bullish hypothesis and could lead to a short-term price decline.
SPX6900 (SPX)
#SPX is among the top-performing meme coins and altcoins, having risen by 23.6% over the past week. This upward trend pushed the price above $1.00, with SPX currently trading at $1.10, showing strong momentum in a volatile market.
As a meme coin, SPX faces high volatility. However, the exponential moving averages are forming a golden cross, indicating the possibility of a surge. This technical pattern could sustain the upward trend and push SPX beyond the resistance level of $1.23.
SPX Price Analysis. Source: Tradin_gView
Profit-taking by investors may lead to a drop toward or below $1.00. Such a move would invalidate the short-term bullish hypothesis and indicate caution among traders regarding the near-term outlook for the meme coin.
