As Bitcoin ($BTC) prepares to take out its all-time high, the rest of the cryptocurrency market is generally sitting back and watching developments. However, two altcoins are timing their runs to coincide with the Bitcoin surge, and they are $SUI and $APT. Both are potentially primed to front-run the rest of the field.
Traders mainly back BTC or await a market change
Bitcoin (BTC/USD) is currently booming, and it’s not beyond the realms of possibility that a new all-time high could even be made before the close of today. As Bitcoin does its thing, especially at this critical stage of the bull market, most altcoin traders are either going to back the king of the cryptocurrencies, or they are going to sit on their hands and wait for the sign that the altcoins are about to follow.
That said, a few of the more fundamentally sound altcoins have perhaps already entered into this next, potentially explosive stage of the bull market. Both $SUI and $APT, ranked #23 and #26 by market capitalisation, are Layer 1 networks, and as such are competitors to the likes of Ethereum and Solana. Given their vastly smaller market caps compared to these giants, there is perhaps a lot more room for growth.
$SUI about to break out from descending triangle?
Source: TradingView
From early August this year, the $SUI price (SUI/USD) went on a massive run, putting on 410% up to mid-October. From there, the price experienced a 32% dip, which is a decent retracement to enable the gains to be absorbed, and for keeping the upward trend a healthy one.
The price came down to the 0.382 Fibonacci and has bounced from there - a bullish move. Currently up against the trendline of a descending triangle, a push-through here could open the way to further price growth.
Potential $SUI cup and handle?
Source: TradingView
On the much higher weekly time frame, it can be observed that there is the possibility of a cup and handle forming for $SUI. If this plays out, the measured move would take the price above $4. The weekly RSI shows that there is still plenty of room before the price becomes overbought.
$APT climbs inside broadening wedge
Source: TradingView
Aptos (APT/USD) is up more than 8% on the day so far. The price is currently within a broadening wedge pattern, and having touched the lower trendline, the price is heading back to the top, although with some horizontal resistance still to be overcome.
Huge $APT W chart pattern forming?
Source: TradingView
Zooming out into the weekly view, it can be seen that the $APT bulls do have a much tougher task in front of them than the $SUI bulls. The $APT price is still 96% lower than the last swing high, and this was lower than the previous local high.
The price is currently up against horizontal resistance, and there is also resistance from the 0.382 Fibonacci to be overcome just above this. If the $APT price can pierce through and confirm above, there is the possibility that a huge W pattern can form. A breakout of this could lead to massive future price growth.
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
