The post Top Altcoins To Watch Next Week: MANTA, Sui (SUI) And Cartesi (CTSI) To Beat Bearish Pressures appeared first on Coinpedia Fintech News
The crypto market experienced significant consolidation last week, with the Bitcoin (BTC) price stabilizing above the $38,000 level. This led to a strong consolidation around $40,000, and a subsequent rebound towards $43,000, plunging the impact of the ‘sell the news’ event. Consequently, emerging altcoins, including Manta, Sui, and Cartesi, have broken out of their bearish trends and are now gearing up to counter bearish pressures in the coming week.
Altcoin Season Is Around The CornerÂ
Bitcoin’s dominance, alongside the altcoin market, is on the rise again. However, altcoins are currently in the spotlight as they consistently outperform Bitcoin. The altcoin season index chart indicates this trend, having recently crossed the significant threshold of 75, hinting at the onset of the much-awaited altcoin season. Notably, this metric reached a peak of 84, the highest in 18 months, pointing to a growing investor preference for altcoins.
Yet, with Bitcoin regaining market dominance following its stabilization post the ‘sell the news’ event, interest in altcoins may decline as investors pivot back to Bitcoin. This could lead to a market correction for altcoins in the upcoming week, potentially leaving only the demanding altcoins to continue their upward trajectory.
MANTA Price Analysis
The price of Manta has experienced a significant surge over the last week as it recorded weekly gain of over 50%. However, the price continues to struggle in breaking above its ascending resistance line as bears defend the level with increasing selling pressure. Nonetheless, the support level around $3 seems to be holding strong, indicating an increase in buying interest.
Recently, Manta’s price has struggled to break past the $3.9 barrier, with increased selling pressure leading to a downturn. This has resulted in Manta’s value falling below its 20-day Exponential Moving Average (EMA) of $3.6 on the 15-minute chart. Should it continue to trade below this 20-day EMA, there’s a risk of further decline towards the $3 level.
On the other hand, if Manta’s price manages to stabilize and maintain above the 20-day EMA, it would indicate a breakout momentum above $4 in the coming week.
Sui (SUI) Price Analysis
Sui’s price recently saw a surge in buying pressure as it touched the peak of $1.5. However, the altcoin now faces resistance in continuing its upward trend. Currently, Sui is trading at $1.4, marking a surge of over 0.3% from yesterday.
The price has begun to fall as it faces resistance near 23.6% Fibonacci retracement level, signaling increasing bearish momentum. This suggests that bears might push the price below the immediate support line, with a further drop below EMA20 likely to boost short positions.
Alternatively, if Sui moves above $1.5, it could indicate the end of the current correction, potentially driving the price towards $2 next week.
Cartesi (CTSI) Price Analysis
CTSI is experiencing difficulty in breaking above the $0.3 mark, having recently dipped towards its 20-day Exponential Moving Average (EMA) at $0.23. Despite this, the price did not sustain below the 61.8% Fibonacci retracement level. Currently, CTSI is trading at $0.235, showing an increase of over 4.6% from the previous day’s rate.
With Cartesi’s price encountering volatility, there’s a possibility of a rebound towards $0.3. If buyers can consistently hold the price above this level, the CTSI/USDT pair might progress towards $0.36 and potentially even $0.55. The $0.551 level is likely to encounter considerable resistance, but overcoming it could lead to a more substantial rally.Â
