Markets have been shocked by the recent Federal Reserve announcement to reduce interest rates by 50 basis point. This is especially true for altcoins.
Fed’s rate reduction has led to a surge in Bitcoin and altcoins. Sui (SUI), Celestia(TIA), Fantom(FTM), Bittensor(TAO) and Sei (“SEI”) have all performed well.
CoinGecko reports that the altcoin rally began with the Sui and Fantom breakouts before the Fed announcement of a rate cut.
RSI indicates a potential price correction for SUI
The Sui (SUI), currently trading at $1.4917, is up 44% in the last seven days. We remain bullish heading into the next week.
SUI has closed over its opening price on 47.48% days in the last week.
SUI’s current price is down 27.47% from its all-time highest of $2.05, which was recorded five months earlier.
The short-term outlook remains positive, however. Twelve out of 17 commonly used technical indicator signals a buy.
The 14-day Relative Strength Index is at 81.89, indicating that conditions are overbought. This could indicate a possible price correction.
SUI’s price could reach $1.72 if it closes above $1.64.
A drop below $1.28, the level of support for the market could cause further falls.
SUI is predicted to reach $1.63 within the next 10 working days. The long-term prediction for SUI is $5.15 in 2025.
Celestia (TIA), a stronghold
Celestia’s (TIA), currently at $5.826, has experienced a small decline of 2.35% in the past 24 hours.
The token’s price has risen by 33% in the last seven days, with a significant increase in trading volumes, which indicates heightened market interest.
The RSI has retreated after almost entering overbought territory. This theory is supported by analysts who believe TIA will take a break after a strong performance this week.
To maintain its upward trend, TIA needs to remain above $5.10 as the initial support. It could then rise up towards $6.41, the first significant resistance.
Celestia could fall to $4.48 if it fails to maintain its $5.10 price.
Celestia’s price volatility is common for other altcoins. These coins often experience more volatile fluctuations than Bitcoin or Ether.
Take a Break with Fantom
Fantom, currently at $0.6372 per share, also has shown resilience.
FTM’s price is up 31% in the past seven days despite a decline of 3.0% over the previous 24 hours.
FTM, despite trading 80.58% below its previous high price of $3.24 in the past seven days, has been above its initial opening price on 50.07% occasions, indicating a positive overall trend.
The majority of technical indicators used are bullish as well, 11 of the 17 indicating “buy” signals.
The Fantom Price must first break the $0.6411 resistance level before it can attempt $0.7521.
It is important that it remains above support of $0.5480 to be considered bullish. However, the RSI, which currently stands at 70.95 suggests that conditions are overbought, and could cause a correction in the short term.
Bittensor, (TAO), riding AI hype
After a surge of 31% in the last week, Bittensor is now priced at $419.9.
TAO closed at a higher price than its initial opening in 46.95% out of seven recent days, despite a drop of 42.71% from the all-time record high of $724.33 six months earlier.
The sentiment is still very positive with 12 out of the 17 technical indicators that are most often used.
TAO must close above $479.24 in order to maintain its upward trend.
It could fall further if it drops below $414.61.
Nevertheless, RSI is at 73.19. This indicates overbought situations, which may lead to a correction in the price.
Forecasts indicate that despite the fears of a correction, the price will reach $456.26 within the next 10 working days. Longer-term forecasts point to a $500 level by the end of the year 2024.
SEI prices hit new monthly highs
The SEI has risen by more than 22% in the last seven days, reaching a monthly high of $0.3743.
After the drop from March to August, there have been months of consolidation.
However, the token is still 64% lower than its previous peak, $1.03, recorded on March 16, 2024.
In the past seven days, the token has closed above its opening daily price by 48.53 percent. The short-term outlook is bullish with 10 out of 17 indicators indicating buy signals.
SEI needs to close above resistance at $0.4128 in order to continue gaining and remain above support at $0.3368.
The RSI is currently at 67.23. This indicates that the token may be headed to an area of overboughtness, which could lead to a price correction.
Predictions suggest that the price of bitcoin could rise to $0.4058 within the next 10 working days. Long-term, projections indicate that the value of Bitcoin will reach $1 at the end of this year.
SUI, TIA and TAO have all seen significant price increases since the Federal Reserve cut interest rates.
The outlook for altcoins is promising, as long as they react positively to the broader changes in economic conditions.
As new information becomes available, this post SUI prices, TIA and FTM soar after Fed rate reduction, while altcoins respond to the Fed. This article may change as it develops.
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