SUI and APT: Altcoin Analysis for December 27, 2023
While Bitcoin remains in a sideways trend, the overall dynamics of the crypto market stay positive. Here's an overview of the market situation for the altcoins Sui (SUI) and Aptos (APT) as of Wednesday, December 27.
Sui (SUI)
Since October 16, SUI surged by 250%, marking a new local high at $0.918. This rise is attributed to the growing user interest in Sui, which led to an increase in its TVL to $200 million.
Currently, SUI trades between the support zone of $0.775-$0.813 and the resistance zone of $0.875-$0.920. In case of a correction, the asset might drop to the support level at $0.73 and could also test the buyer's zone between $0.62-$0.66.
The continued growth of the asset is the preferred scenario, with the next targets for Sui being the seller levels at $0.95 and $0.99. Probably, buyers won't breach the psychological $1 mark on their first attempt, hence a temporary sideways trading pattern may follow this level's test.
SUI chart on the H1 timeframe
Aptos (APT)
Aptos also recently hit a new high by testing the $10.95 mark. The asset has grown 200% over the last 2.5 months. Observing the SUI and APT charts reveals a notable level of correlation. This is due to both cryptocurrency networks being built on the Move programming language and sharing similar audiences.
APT's continued growth is the most likely outcome. In this scenario, APT might break through the $10.55-$10.95 resistance zone and test a new high, potentially at $11.5.
In the event of a correction, Aptos could retest the buyer's level at $9.25 and might also test the support zone of $8.5-$8.9. The upward trend for the asset is expected to persist as long as BTC maintains trading above the critical and psychological zone of $40,000.
APT chart on the H1 timeframe
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Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the price movement between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GN Crypto:
