Crypto coins to watch for potential reversal in the coming week: ALGO, AVAX, SUI

ALGO, AVAX, and SUI are showing strong technical setups and could see potential gains as they approach key resistance levels. Here’s what to watch for in the coming week.

Summary

• ALGO: Reclaimed $0.26 neckline, a close above $0.27 could target $0.34 or higher.
• AVAX: Tested $27 neckline twice, support at $20, aiming for a potential breakout.
• SUI: MAs are stacking in bullish order, priming price to test $4.30–$4.40 resistance.

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.

Source: TradingView## 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.

Source: TradingView## 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.

Source: TradingView