The crypto market experienced a significant rally last week, with Bitcoin (BTC) price stabilizing above the $38,000 level. This is said to have led to a strong rally around $40,000 followed by a bounce towards $43,000, reducing the ‘sell the news’ effect. Emerging altcoins, including these cryptocurrencies Manta, Sui, and Cartesi, are bracing for bearish pressures next week by trying to break out of the downtrend.
Altcoin Season Coming Soon
Again, Bitcoin’s dominance is on the rise again, along with the altcoin market. However, altcoins are currently notable for consistently outperforming Bitcoin. The altcoin season index chart shows this trend and has recently crossed the important threshold level of 75, could this trigger the start of the much-anticipated altcoin season? In particular, this metric reached 84, the highest level of the last 18 months, indicating the increasing interest of investors in altcoins.
However, while Bitcoin regained its stability and took back market dominance after the ‘sell the news’ development, it is reported that investors’ interest may shift from altcoins to Bitcoin. This could lead to a market correction for altcoins next week, potentially allowing only in-demand altcoins to continue their upward trajectory.
MANTA Price Analysis
The price of Manta experienced a significant increase last week, recording a weekly gain of over 50%. However, the price is having a hard time breaking above the ascending resistance line and the bears are trying to maintain this level with increasing selling pressure. However, the support level around $3 seems strong, indicating an increase in buying interest.
Recently, Manta price struggled to surpass the $3.9 resistance level, with increasing selling pressure leading to a decline. This caused Manta’s value to fall below the 20-day Exponential Moving Average (EMA) of $3.6 on the 15-minute chart. If it continues to trade below this 20-day EMA, it may risk further declines towards the $3 level.
On the other hand, if Manta’s price can stabilize and manage to stay above the 20-day EMA, this could indicate a breakout momentum above $4 in the coming week.
Sui (SUI) Price Analysis
Sui’s price has seen a recent increase in buying pressure, touching a top of $1.5. However, the altcoin is now facing resistance to continue its uptrend. Currently, Sui is trading at $1.4, up over 0.3% from yesterday’s price.
The price started to decline while encountering resistance near the 23.6% Fibonacci retracement level, indicating increasing bearish momentum. This suggests that the bears could push the price below the immediate support line and further declines below the EMA20 could increase short positions.
Alternatively, if Sui breaks above $1.5, this could indicate the end of the current correction and potentially the price could attempt a move towards $2 next week.
Cartesi (CTSI) Price Analysis
CTSI is struggling to break above the $0.3 mark, having recently depreciated towards the 20-day Exponential Moving Average (EMA) of $0.23. Despite this, the price could not sustain below the 61.8% Fibonacci retracement level. Currently, CTSI is trading at $0.235, an increase of over 4.6% from the previous day’s rate.
As the price of Cartesi encounters volatility, there is a possibility of a retracement towards $0.3. If buyers can sustain the price consistently above this level, there are chances that the CTSI/USDT pair could rise to $0.36 and potentially even $0.55. The $0.551 level might face significant resistance, but breaking it could lead to a larger rally.