With Bitcoin (BTC) perhaps beginning to falter again, is it a good idea to start building positions in leading altcoins such as $XRP, $ADA, and $SUI? If you have the courage of your convictions, is now a good time to buy?
Why will the market go up?
With market sentiment for crypto in the toilet right now, who would be buying altcoins? That said, if you have the conviction that the market will go up again big time, starting to build positions now is perhaps not a bad idea.
Why would the market go up? According to macro analyst Raoul Pal, a global liquidity increase is baked into the cake. With 10 trillion of debt to be rolled over in the next year, plenty of this will enter the crypto market = number go up.
$XRP tests strong support
Source: TradingView
The weekly chart for $XRP reveals that the price is sitting nicely on top of the $2.30 horizontal support level. Some long candle wicks shooting below this level, and the $1.96 horizontal support suggest that this is probably a floor for $XRP buyers.
Can the price come back down to that $1.96 support level? Yes, it certainly could. However, the weekly and the 2-week Stochastic RSI indicators are bottoming. There could still be an extended period of uncertainty, but things look very promising for $XRP going into the end of the year.
$ADA beaten down to solid support level
Source: TradingView
The $ADA price is beaten down almost as far as it can go right now. The bulls have been unable to break a descending trend that goes all the way back to the end of August 2021. To top it all, the price is inside a descending triangle, which would usually break to the downside, and it is right against the bottom of the triangle now.
While the measured downside move would take $ADA to zero, and it probably isn’t going there, at least not yet, there is the chance that the price could zip down to the $0.30 horizontal support level, just like it did on the 6 October. If this happened, it would be a strong buy.
On the other hand, the price is already at strong support. Buying in here with a stop loss just below the support line could pay off well, with an increase to $0.80 to $0.85 at the top of the triangle quite likely.
Is a $SUI buy a no-brainer?
Source: TradingView
Buying into $SUI around the current price level looks like an absolute no-brainer in the weekly chart. This is an extremely strong support/resistance level that goes right back to the beginning of $SUI price history.
With the Stochastic RSI indicators right at the bottom, it’s surely only a matter of time before $SUI breaks through its downtrend and rallies strongly to the upside. Besides a stopover at $2.34, the price would be likely to go very quickly to the resistance level at $2.81.
