Crypto analysis of the altcoins Sui and Cardano: possible price reversal

In this article, we focus on the graphical situation of the altcoins Sui and Cardano, with the two crypto ready to mark an important movement.

Behind these cryptocurrencies, there are two narratives that could justify a bull price analysis, in the midst of the general market recovery.

Eyes on the charts during the next few weeks!

Let’s see everything in detail below.

Crypto analysis of the prices of altcoins Sui and Cardano

Among the vast number of coins present within the crypto market, let’s see how the altcoins Sui and Cardano are performing in terms of prices.

Going in order, observing the daily chart of Sui denominated in the pair SUI-USD, we immediately notice a possible bottom in the air.

The quotations of the currency, after having dropped drastically from March to August, could finally reverse the trajectory.

In particular, following a collapse of 75%, it seems that the support at 0.80 dollars is holding against the incursions of the bear.

The altcoin at ranking #31 responded vigorously to the leg down in August, tracing a +90% from the threshold of 0.46 dollars, bringing itself above the daily EMA 50.

Now if SUI manages to break with a “third touch” the psychological resistance of 1 dollar, we could expect a trend reversal in the short term.

The first bullish target in case of a breakout would be 1.2 dollars, followed by 1.4 dollars. 

In support of the optimistic forecasts, we notice a great bull divergence RSI between the values at the end of March and the current ones.

Even for Cardano, the graphical outlook seems oriented towards a restart, even if the altcoin is moving in a less convincing way.

The prices may have found a minimum in the 0.30 dollar area, where the coin has been able to react on two different occasions in the last 60 days.

This represents a possible positive wake-up call, from which to restart after a 65% dump from March to August.

Unlike SUI, ADA’s quotations are still below the daily EMA 50, still indicating potential bear movements in the short term.

However, if the bottom of 0.30 dollars were to be confirmed, we could expect the break of the resistance of 0.40 dollars.

In this range the currency could still move for several days, before taking a clear graphic direction. Everything will likely be decided in the last quarter of the year.

The narratives that could increase the buying demand for the two crypto assets

To justify the possible increases in sight for the altcoins Sui and Cardano, there are two narratives that would push for greater purchases in the crypto world.

As for Sui, we find the upcoming launch of the gaming web3 device “SuiPlay”, which is expected to hit the market in Q1 2025.

The gaming tool, which aesthetically resembles the famous “PSP” device from Sony, could revolutionize the way gamers approach the crypto world.

Sui aims to become the blockchain hub of the next success stories in the sector, with a platform integrated with native solutions.

The impact of the launch of the device on the price of the crypto SUI could be similar to that recorded by SOL at the beginning of 2024 before the debut of the smartphone Saga.

At the moment it is only possible to pre-order SuiPlay at a price of 599 dollars.

The hardware features a 16GB memory, a 7’’ display with a 1920×1200 resolution, and an AMD Ryzen™ 7 7840U processor.

On the Cardano front, the narrative that could lead to bull movements is that of the recent hard fork update “Chang”.

Thanks to the latest code upgrade, the crypto ADA indeed gains greater utility, becoming in all respects a governance token.

In reality, this condition has not yet been introduced, while we await the final phase of the update, but traders generally tend to anticipate similar events.

Additionally, the upcoming calendar of the Cardano Foundation should be added, whose presence is expected at the Cardano Summit 2024 between October 23 and 24.

Over 50,000 participants will listen to Cardano’s vision and the latest market trends examined by the project’s experts, with Dubai serving as the backdrop location.

Usually during these events, new gems are presented, ready to offer another opportunity to raise demand in the market and trigger a pump in the crypto sector.

The general situation of the major altcoin crypto

While the crypto Sui and Cardano present juicy opportunities in the market, the rest of the altcoin world also seems to be projected for a rebound in quotations.

Today, in fact, a large part of the most capitalized coins (excluding Bitcoin and the stablecoin) are indeed recording excellent bull movements.

Among those in the top100 ranking that show the best performances, we find BTT with a +8.4%, AAVE with a +7.6%, and TON with a +7.5%.

Good also for the crypto LINK; FM, UNI, AVAX, NO, MKR, ONDO, BRETT, FET, QNT, NEAR  and others, which anticipate possible graphical reversals.

In particular, it is worth noting how the DeFi sector of altcoins is recovering, highlighting a renewed attention to certain historical coins.

SUI during the day is one of the few that reports a negative price variation, but it should be contextualized with the rise of the previous days.

According to the famous indicator “Altcoin Season Index”, we are still in a phase where the crypto market is governed by Bitcoin.

With the tool that measures a level 27, it seems that once again Bitcoin is deciding the fate of the entire cryptographic industry.

In any case, it should be considered that the altcoin rally season historically starts when the indicator is at its lowest and ends when it is at its highest.

If we compare the current outlook with that of October 2023, we might observe the indicator from a different lens.

In the last quarter of 2023 until the end of January 2024 (local maximum of the Altcoin Season Index) the coins different from Bitcoin recorded large increases.

If history repeats itself, get ready to see big bullish movements in double-digit percentages, not only on Sui and Cardano but on the entire crypto market.