Aptos

Date: Mon, Oct 28, 2024, 06:34 AM GMT
In the cryptocurrency market, the bearish performance of top layer 1 tokens SUI and APT continues, despite corrections from recent highs. SUI has dropped almost 30% from its recent peak of $2.36, while APT is down by 21% from its recent high of $11.22.
Over the past week, both tokens have disappointed investors, marking significant declines of 19% and 13%, respectively.
<img src="https://academy-public.coinmarketcap.com/optimized-uploads/9e425e79c583405080ccaf70632505d4.png">Source: Coinmarketcap
<h2 id="header-0">Sui (SUI) Analysis:</h2>
SUI is currently trading around $1.69, significantly below its recent peak. Based on the 4-hour chart, SUI has failed to hold resistance level at $1.80 and seems to be moving toward a lower support level (S) near the $1.61 range. This level has previously served as a strong demand zone, making it a crucial area to watch.
<img src="https://academy-public.coinmarketcap.com/optimized-uploads/d0fa0035e2954daeb44acbb1f289889e.png">
The Relative Strength Index (RSI) on SUI's chart has dropped to around 24, indicating an oversold condition, which could hint at a potential bounce or at least a temporary consolidation around the support zone. If SUI can hold this support level, there is a possibility for a bullish reversal toward the resistance zone (R) at around $1.80, with a medium-term target potentially at $2.0.
Key Levels:
<ul>
 <li>Support (S): $1.59 - $1.62</li>
 <li>Resistance (R): $1.80 - $2.0</li>
 <li>All-Time High (ATH): $2.36</li>
</ul>
<h2 id="header-1">Aptos (APT) Analysis:</h2>
APT is currently trading around $8.99, and recent price action shows that it’s been moving within a defined uptrend channel, which was breached during this decline. The daily chart reveals that APT is approaching a strong support level (S) near $7.70, which previously acted as a springboard for upward movements. The RSI for APT is currently at 46, a neutral level that doesn’t suggest strong oversold or overbought conditions, giving room for potential downside testing before a reversal.
<img src="https://academy-public.coinmarketcap.com/optimized-uploads/ccbc90ac40e944eaa831f16e1a4d462d.png">
If APT bounces off the $7.70 support level, we could see a recovery back towards the $9.71- $11.18 resistance area (R). However, if the support fails, APT might head lower to test the $7.50 level.
Key Levels:
<ul>
 <li>Support (S): $7.46- $7.93</li>
 <li>Resistance (R): $9.71- $11.18</li>
 <li>All-Time High (ATH): $11.22</li>
</ul>
<h2 id="header-2">What to Expect Ahead?</h2>
Based on both charts, it appears that SUI and APT have more room for correction, potentially testing their respective support levels (S). If these levels are reached and held, there’s a strong probability of a significant upside move, possibly setting the stage for a new rally after a healthy correction. Investors may want to keep an eye on these support zones for potential entry points, as these could mark the end of the current downtrend.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
Also Read: <a href="https://coinsprobe.com/neiro-ethereum-neiro-gains-momentum-following-breakout-and-whale-accumulation-more-gains-ahead/" rel="noopener noreferrer nofollow">Neiro Ethereum (NEIRO) Gains Momentum Following Breakout and Whale Accumulation: More Gains Ahead?</a>

Top Layer 1 Tokens SUI and APT Marks Major Decline in Weekly Performance: What to Expect Ahead?

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