The cryptocurrency market is showing signs of recovery as Ethereum (ETH) surges 15% from its March 11 low, reclaiming the $2,000 level. This renewed momentum has provided relief to many altcoins that were in a prolonged downtrend.
Sui (SUI) Breaks Out of Falling Wedge
SUI has successfully broken above a falling wedge pattern, a classic bullish signal indicating a shift in momentum. The breakout occurred around the $2.38 level, and the price has since climbed to $2.67. This move confirms that buyers are stepping in, pushing the asset higher. The next resistance level lies at the 50-day moving average. A successful breakout above this level could open the doors for a rally toward $3.73 and the 200-day moving average, representing a 39% increase from the current price.
Maker (MKR) Gearing Up for a Potential Breakout
MKR has been trading within a falling wedge pattern. After being rejected at its April 2024 high of $4,068, the token entered a downtrend, reaching a low of $800. However, MKR has rebounded to $1,472 and is approaching the wedge's upper boundary. If MKR breaks out and successfully retests the breakout level, the next key resistance sits at $2,424, a potential 64% gain. The MACD on the weekly chart shows early signs of a bullish crossover, which could enhance buying interest.
Conclusion and Outlook
With Ethereum leading the market recovery, SUI has confirmed its breakout, aiming for further gains, while MKR is poised to break out. Both assets show promising technical setups, and if market conditions remain favorable, they could see significant upside in the coming weeks. Traders should watch for volume spikes, which could confirm the strength of these breakouts.
These market developments present opportunities for potential trend reversals and sustained upward movements for specific altcoins.
