ALGO, AVAX, SUI: 3 Crypto Primed for a Bullish Reversal Next Week
Sleeping giants or dead cat bounces? These altcoins are flashing technical signals that could shake traders out of their August doldrums.
ALGO: The institutional darling that forgot to rally
Once the hedge fund flavor-of-the-month, Algorand's price action has been flatter than a decentralized governance proposal turnout. But its RSI is creeping out of oversold territory just as staking yields spike—classic accumulation phase or another false dawn for 'Ethereum killers'?
AVAX: Defying the 'ghost chain' narrative
Avalanche's subnet adoption is growing faster than a DeFi yield farm in bull mode. With institutional validators quietly stacking positions, this could be the week its price catches up to its ecosystem growth—assuming crypto tourists don't dump it at the first 10% pump.
SUI: The dark horse no VC wants you to notice
While 'seasoned investors' were busy chasing memecoins, Move protocol's flagship chain has been building actual developer traction. Now trading at 60% below its token generation event price, this might be the ultimate contrarian play—or proof that even good tech can't escape crypto's gravity.
Remember: In a market where 'fundamentals' mean whatever pumps your bags hardest, technicals are the last refuge of scoundrels—and occasionally, profitable traders.
ALGO
Algorand (ALGO) price has recently broken out of a massive double bottom formation, with the neckline around $0.26 and accumulation base at $0.15-$0.16. Following the breakout, ALGO price rallied to a peak of $0.34, achieving nearly 90% of the measured move target.
As expected after such a sharp move, ALGO price has pulled back to a low of $0.22 before rebounding to the neckline region once again. While the dip undercut the $0.26 neckline, the quick recovery suggests that buyers may still be defending this level as a key pivot. Bulls have just reclaimed it with ALGO trading at $0.27 as of press time. If there’s a clean close above $0.27 today, followed by continued momentum, it could pave the way for a retest of the $0.34 high or potential formation of a higher high by the end of next week or sooner.
AVAX
Unlike ALGO, which actually did break out of a double bottom and then topped out, Avalanche (AVAX) had formed a double bottom but failed to break above its $27 neckline. After testing it twice and forming a mini double top, it pulled back to around $21, where the 50 SMA acted as support and contained the decline.
AVAX price is currently rebounding while testing the 20 EMA, with a bullish crossover between the two MAs still intact. It appears AVAX price is tracking to retest the $27 neckline once again. Breaching this level with strong volume and follow-through could signal a reversal, potentially within a week, as the AVAX price is only about 17% from that level.
SUI
Sui (SUI) price has broken above the 20-day EMA and is currently trading at $3.83, with the bullish crossover between the EMA 20 and SMA 50 still intact. Additionally, the price recently crossed the 7-day EMA on yesterday’s 8%+ candle, and while the 7 EMA is currently below the 20 EMA, it looks poised to cross above it soon, which WOULD stack these moving averages in a bullish order.
This soon-to-be-realized bullish MA stacking significantly reduces the risk of the bearish double top formation flagged earlier, shifting sentiment firmly in favor of the bulls. As a result, the likelihood of testing the $4.30–$4.40 resistance zone has increased, with the potential for a higher high next week.
