- Altcoins NEAR and SUI print bullish falling wedge patterns.
- Is a greater breakout imminent for these two tokens?
- Both assets are gaining momentum and pushing towards higher targets.
The crypto community continues to see growing bullish expectations as the CMC Crypto Fear and Greed Index sits at a score of 83 marking ‘Extreme Greed’. Today, the price of BTC sits at $80,500, bringing it closer to $100,000 than it is to $60,000. The price of ETH is also trading at $2,500, leading to altcoins NEAR and SUI print bullish falling wedge patterns. Is a greater breakout imminent?
Altcoins NEAR and SUI Print Bullish Falling Wedge Patterns
The crypto market saw a massive surge led by the prices of Bitcoin and Ethereum since last week. The surge came as a surprise to most of the crypto community, while only a handful predicted the switch from bearish to bullish tendencies. The most prominent prediction came from Doctor Profit, an analyst who expected BTC to bottom at $40,000 only to realign his prediction to $54,000 as the BTC bottom.
Since then, he went on to accumulate BTC and ETH while BTC traded between $54,000 and $64,000. He even went on to state that ETH would go on to outperform BTC this year, and announced that his ETH holding would be greater than his BTC holdings this cycle. Already, expectations for new ATH targets for ETH and BTC are being debated. In support, ETH is not the only altcoin that is seeing bullish signs on its price chart at the moment.
As we can see from the post above, NEAR is forming a falling wedge pattern. At the moment, NEAR is trading at $1.95, consolidating inside the latest wedge after a sharp rejection from the $3 area. The structure is tightening, with $1.90 – $2 acting as the immediate breakout zone. The expert marks $2.50 as the chart target with the breakout zone set between $1.90 – $2.
Is a Greater Breakout Imminent for These Assets?
For NEAR price, support sits between $1.50–$1.60 and the confirmation can be seen when strong daily closes above the falling-wedge resistance. Thus, NEAR is compressing near the wedge’s lower boundary and a confirmed breakout could signal a bullish reversal toward the projected target. Similarly, another popular altcoin SUI is also seeing a falling wedge pattern being printed on its price chart.
As we can see from the post above, SUI is printing a falling wedge pattern and its price is compressing inside a descending structure, while buyers continue defending the $0.81 support zone. A clean breakout above $0.83 – 0.84 could trigger a move toward the $0.87 target. At the moment SUI is trading at $0.82 showing that momentum is building for a potential reversal, meaning traders are remaining cautiously bullish and watching for a breakout.
