Top altcoins to watch next week: MANTA, Sui (SUI), and Cartesi (CTSI) to overcome bearish pressure
The cryptocurrency market has experienced significant consolidation over the past week, with the price of Bitcoin (BTC) stabilizing above the $38,000 level. This led to a strong consolidation near $40,000 and a subsequent bounce to $43,000, where the impact of the ‘sell the news’ event took a nosedive. As a result, emerging altcoins including Manta, Sui, and Cartesi are breaking out of their bearish trends and preparing to respond to bearish pressure next week.
Altcoin season is just around the corner
Bitcoin’s dominance is rising again along with the altcoin market. However, altcoins are currently attracting attention as they continue to outperform Bitcoin. The Altcoin Season Index chart illustrates this trend and recently crossed the critical threshold of 75, hinting at the start of the long-awaited altcoin season. In particular, this indicator reached 84, the highest in 18 months, indicating growing investor preference for altcoins.
However, interest in altcoins may decline as investors turn to Bitcoin as it regains market dominance after stabilizing after the ‘sell-off-the-news’ event. This could lead to a market correction for altcoins in the coming week, with potentially only high-demand altcoins continuing their upward trajectory.
MANTA Price Analysis
Manta prices have experienced a significant surge over the past week, with weekly gains of more than 50%. However, the price continues to struggle to break above the rising resistance level as the bears defend it with increasing selling pressure. Nevertheless, the support line around $3 is showing strength, suggesting that buying interest is increasing.
Recently, the price of Manta has been falling due to increased selling pressure and has had difficulty breaking the $3.9 barrier. This caused Manta’s value to fall below the 20-day exponential moving average (EMA) of $3.6 on the 15-minute chart. If it continues to trade below this 20-day EMA, there is a risk of a further decline towards the $3 level.
On the other hand, if the price of Manta stabilizes and remains above the 20-day EMA, it will indicate breakout momentum above $4 in the coming week.
Sui (SUI) Price Analysis
The price of Sui has recently seen a surge in buying pressure, reaching a high of $1.5. However, the altcoin is currently facing resistance in continuing its upward trend. Sui is currently trading at $1.4, up more than 0.3% from yesterday.
The price started to fall as it faced resistance near the 23.6% Fibonacci retracement level, indicating increasing bearish momentum. This suggests that bears could push the price below immediate support, with a further decline below EMA20 likely to increase short positions.
Alternatively, if Sui rises above $1.5, it means the current correction has ended, with the price likely to rise to $2 next week.
Descartes (CTSI) Price Analysis
CTSI recently fell to its 20-day exponential moving average (EMA) of $0.23 and is struggling to break above $0.3. Despite this, the price did not remain below the 61.8% Fibonacci retracement level. Currently, CTSI is trading at $0.235, up more than 4.6% from the previous day.
There is a possibility that Cartesi’s price may rebound to $0.3 as it faces volatility. If buyers can consistently keep the price above this level, the CTSI/USDT pair could rise to $0.36 or even $0.55. The $0.551 level is likely to face significant resistance, but overcoming it could lead to a more substantial rally.