As the Bitcoin price stabilizes above $66,000, altcoins are making a comeback. The market, excluding Bitcoin and Ethereum, has reclaimed the $600 billion mark and is up 7.19% from a seven-day low of $574.81 billion.
Amid the recovering altcoin market, SUI and Pyth Network rise to regain their top spots in the performance chart. With a breakout and trend-reversing rally, will SUI and Pyth Network lead October’s rally?
Top Performing Altcoins Tokens to Buy:
Pyth Network (PYTH)
With a market cap of $1.24 billion, the PYTH token is currently trading at $0.3448. Over the past seven days, yields have risen 13.91%, signaling a reversal to the bottom. The rounded bottom reversal neckline coincides with the 23.60% Fibonacci level at $0.4489.
Currently, the altcoin is showing a bull cycle, struggling to surpass the 200-day EMA at $0.3741. With an intraday pullback of 4.27%, the altcoin consolidates above the 50-day EMA. The MACD and signal lines have produced a bullish crossover, supporting the continuation of the bullish trend.
The breakout of the 200-day EMA will signal a potential rise to the 23.60% Fibonacci level. Longer term, the trend reversal amid a broader market recovery is likely to reach the 50% Fibonacci level at $0.67959 by the end of next week.
Will the altcoin be poised for a massive surge in October? Find out now in Pyth Network’s price forecast for 2024 to 2030.
SUI (SUI)
With a completed bottom reversal, SUI crypto price action reveals a bullish break of the $2 barrier. The psychological mark acted as a neckline of the bullish pattern and teased massive upside potential for the altcoin.
However, the small pullback early this week acts as a retest of the bullish breakout. Currently, the daily chart is showing a potential morning star pattern forming as a reversal after the retest, increasing the likelihood of a bullish trend.
However, the uncertain movement of the MACD and the signal lines reflect the increased volatility. Based on the Fibonacci levels, if the uptrend continues, the 1,272 and 1,618 Fibonacci levels at $3 and $4.80 are the next potential price targets for the altcoin.
Credit : coinpedia.org
