Bitcoin and crypto are still generally on the up. However, some cryptocurrencies are showing indications that they are perhaps reaching a top. Is this the case for Sui ($SUI), Aptos ($APT) and Near Protocol ($NEAR)?
$SUI reaches its cup and handle measured move
Source: TradingView
The $SUI price has been on the up for some time now. Breaking out of a cup and handle formation earlier in November, the price has since reached its measured move at $4.15. After surpassing this level, the price has been quickly sold back down, leaving a couple of small candle wicks behind.
It remains to be seen whether this will now become support, or whether the price might come back down - perhaps all the way to retest the 1.618 at $3.25. If there is continuation of the upside move, and in all probability there probably is room for this, the 2.618 Fibonacci is a target above at $5.
Major resistance approaching for $APT
Source: TradingView
On the weekly chart for $APT, it can be seen that the price is rising towards $16 after hopefully being able to hold above the 0.618 Fibonacci at $13.58. Given that there is a descending trendline that is coinciding with the 0.786 Fibonacci, there is likely to be a lot of resistance at this level.
$NEAR needs to get above its next price step
Source: TradingView
The $NEAR price has broken out of the long-time descending trendline that began in early 2022. In the weekly chart above, it can be noted that some nice price structure has been built. Two price steps now exist at $5.65 and $8.53. It’s this next step at $8.53 that $NEAR bulls need to lift the price above. This could then act as support for the rest of the bull market.
However, the Stochastic RSI has reached its top on the weekly time frame, and therefore upward price momentum could start to dissipate, and a rejection at the 0.382 Fibonacci could be the upshot.
The weekly RSI is at the top for not just the three cryptocurrencies mentioned in this article, but also for most other cryptocurrencies. This is something to bear in mind, and there is likely to be a correction coming at some point. Stay alert.
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.
