Crypto Coins to Watch: ALGO, AVAX, SUI Show Strong Technical Setups for Potential Gains

ALGO, AVAX, and SUI are showing strong technical setups and could see potential gains as they approach key resistance levels. ALGO reclaimed its $0.26 neckline and aims for $0.34 or higher. AVAX tested its $27 neckline twice and supports at $20, aiming for a potential breakout. SUI MAs are stacking in bullish order, priming the price to test $4.30–$4.40 resistance.

In the volatile world of cryptocurrencies, three tokens—Algorand (ALGO), Avalanche (AVAX), and Sui (SUI)—are capturing the attention of traders due to their strong technical setups and potential for gains as they approach key resistance levels. Here’s a detailed look at each token's current position and what to watch for in the coming week.

Algorand (ALGO)

Algorand (ALGO) has recently shown a significant technical improvement, breaking out of a massive double bottom formation. The neckline around $0.26 and accumulation base at $0.15-$0.16 were key levels. Following the breakout, ALGO price rallied to a peak of $0.34, achieving nearly 90% of the measured move target. After a pullback to $0.22, ALGO rebounded to the neckline region and reclaimed the $0.26 level. A clean close above $0.27 could target $0.34 or higher [1].

Avalanche (AVAX)

Avalanche (AVAX) has formed a double bottom but failed to break above its $27 neckline. After testing it twice and forming a mini double top, AVAX pulled back to around $21, where the 50 SMA acted as support. The current rebound while testing the 20 EMA indicates a potential retest of the $27 neckline. A strong breakout above this level with volume could signal a reversal within a week [1].

Sui (SUI)

Sui (SUI) has been making headlines as it enters a critical breakout zone. The token's price has broken above the 20-day EMA and is trading at $3.83, with bullish crossovers between the EMA 20 and SMA 50 intact. The recent 8%+ candle crossing the 7-day EMA indicates strong buying pressure. This bullish MA stacking suggests SUI is poised to test the $4.30–$4.40 resistance zone [1, 2].

What to Watch for in the Coming Week

ALGO: Keep an eye on a clean close above $0.27. If achieved, it could lead to a retest of the $0.34 high or a higher high.

AVAX: Monitor the retest of the $27 neckline. A strong breakout with volume could indicate a reversal.

SUI: Watch for sustained volume increases and a clean break above the $3.70–$3.90 resistance zone. This could signal a move towards the $5 target.

Conclusion

ALGO, AVAX, and SUI are exhibiting strong technical setups that could lead to significant gains in the coming week. While these setups are promising, it is essential to manage risk due to the inherent volatility of the cryptocurrency market. Traders should closely monitor these tokens and be prepared for potential price movements.

References

[1] https://crypto.news/crypto-coins-to-watch-for-potential-reversal-in-the-coming-week-algo-avax-sui/
[2] https://thecurrencyanalytics.com/altcoins/sui-enters-key-breakout-zone-as-structural-support-and-vwap-align-189331