Fetch.ai (FET), Sui (SUI), and Injective Protocol (INJ); appear as popular altcoin projects. So, what are the levels to be considered in these three coins? Here are the analysts’ FET, SUI and INJ analysis…
40% bullish probability for FET
According to analyst “David”, Fetch.ai (FET) price is currently trading inside a bullish pattern and is very close to reclaiming an important support level. If successful, it could see a sharp increase in the near term. Fetch.ai (FET) price has been trading inside a descending parallel channel since early February 2023. This is a bullish pattern that leads to breakouts in most cases. The price has tested both the resistance and support of the channel multiple times and is currently in the process of bouncing off the support of the channel.
However, the price settled below the 0.618 Fibonacci retracement support ($0.264) of the previous uptrend. This Fibonacci level is important as it often acts as the completion point of a correction. Therefore, the FET needs to retrace this level to confirm continued recovery. If successful, it could rally towards the $0.36 resistance of the channel, which would mark a 40 percent increase from the current price.
The daily chart shows that FET price retraced the horizontal support area at $0.26 and is in the process of confirming it as support. If successful, FET price could rise to the nearest horizontal resistance at $0.30. This move should also help FET price regain the previously mentioned 0.618 Fibonacci support level. The RSI indicator supports the possibility of further bullishness as it has emerged from the oversold zone and is trending upwards. The last time the RSI indicator made this move, it followed a strong rally.
SUI at key resistance level
Sui (SUI), on the other hand, was one of many cryptos in the red today, according to crypto market monitoring website CoinMarketCap. At the time of writing, the altcoin’s price was $1.12 after a 1.35 percent drop over the past 24 hours. In addition to weakening against the dollar, SUI’s price also fell against market leaders Bitcoin (BTC) and Ethereum (ETH). As a result, it lost 1.35 percent against BTC and 1.65% against ETH. Also, the crypto was trading very close to its daily low of $1.11.
At the moment, the price of SUI was hovering near a key support at $1.11 and technical indicators were showing that it would turn support into resistance in the next 24 hours. According to analysts, the 9 EMA lines on the 4-hour chart were bearish below the longer 20 EMA lines. In addition, the RSI line was bearish below the RSI SMA line. This bearish move seemed to be coming to an end as the RSI line wanted to cross above the RSI SMA line. If this crossover occurs, it will signal that the bulls have successfully defended the support level.
What levels are important to INJ in the next 24 hours?
Injective (INJ) has earned a spot on CoinMarketCap’s trending list after a price increase of over 5 percent in 24 hours. As a result, INJ was trading just above $7, close to its daily high of $7.18. In addition, INJ managed to strengthen by around 6.26 percent and 5.80 percent, respectively, against the two market leaders, Bitcoin (BTC) and Ethereum (ETH). The altcoin’s gains managed to turn its weekly performance even greener, with INJ up 18.22 percent in the last seven days as of press time.
INJ’s price managed to turn the $6.75 resistance level into support after a 3.43% move yesterday morning. According to press time, its price continued to trade between this recently flipped level and the next resistance level at $7.35. Also, the altcoin’s price had support of the 9 EMA lines on the 4-hour chart. The RSI indicator on INJ’s chart showed that the bullish action over the past 24 hours has lost momentum as the RSI line forms a top and slopes negatively towards the oversold zone. According to analysts, INJ may drop to $6.79 in the next 24 hours. In case of a rise, $ 7.35 is indicated.
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