Published
1 month ago on
March 21, 2024
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With Bitcoin and the crypto market totally ignoring the bearish SEC investigation into the Ethereum Foundation, solid gains were made across the board on Wednesday. As Thursday sees calmer price action, both Kaspa (KAS) and Sui (SUI) are continuing to see positive price movement.
Total 3 tells the story
After Tuesday’s heavy down day, it certainly wasn’t expected that the crypto market would have such a good day on Wednesday. The Total 3 chart (market cap of all cryptocurrencies, excluding $BTC and $ETH) tells the story.
Source: Coingecko/Trading View
This week saw an 11.85% haircut from the combined market cap of the altcoins, which equated to a loss of $87 billion. However, on Wednesday, this was mostly cancelled out as the altcoin market cap rose back to rest on support again at $717 billion.
Two of the altcoins that have made good gains recently, and have continued to increase on Thursday, are Kaspa (KAS) and Sui (SUI).
$KAS makes a breakout
Source: Coingecko/Trading View
$KAS has been following a sideways price action since before the start of the year. However, a breakout on Thursday sees $KAS up against the resistance at $0.15. A break to the upside here could see $KAS challenge its all-time high.
Source: Coingecko/Trading View
Zooming out to the weekly view, it can be seen that $KAS has frequently tested good support at the 0.618 fibonacci level. It just requires $KAS to now break the resistance at $0.15 and reenter the range between this level and $0.19.
$SUI looks bullish
Source: Coingecko/Trading View
$SUI has made a bullish breakout of the up-sloping wedge, and has confirmed this breakout. The local top awaits above at $1.97.
$SUI cup and handle pattern
Source: Coingecko/Trading View
Zooming right out into the weekly time frame, a cup and handle pattern emerges. The handle is on the way to completely forming at the $2 level. Should this pattern play out, the measured move would take $SUI to around $3.60.
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.
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