Altcoin Sentiment Shifts: Analyzing SUI, EIGEN, TAO, FET, and PYTH

• SUI tests critical support at $1.65 as declining momentum pressures price action.
• EigenLayer volume drop may hinder breakout despite modest price increase to $3.50.
• Bittensor consolidates below $520 as low trading volume signals potential stagnation.

The cryptocurrency market is showing a notable shift in sentiment, particularly among altcoins like SUI, EigenLayer (EIGEN), Bittensor (TAO), Artificial Superintelligence (FET), and Pyth Network (PYTH). These tokens have seen significant price fluctuations over the past 24 hours, reflecting changing market dynamics.

Analyzing key support and resistance levels can offer valuable insights into potential future movements for these altcoins. Additionally, examining trading volumes and market cap trends can reveal the overall sentiment within the crypto market.

SUI: Testing Key Support Levels Amid Decline

SUI is currently priced at $1.71, down 9.84% in the past 24 hours. The price recently hit $1.90 but failed to maintain upward momentum. Importantly, the price is now testing critical support at $1.65, which has held during past dips.

Read also :Top 5 Altcoins to Watch in October: SEI, TAO, WORM, SUI, LINK

Source: Coinmarketcap

If this level breaks, the next area to watch is around $1.60, a psychological support. Looking up, the immediate resistance is $1.75, with a stronger resistance point at $1.90. SUI’s trading volume remains strong at $1.45 billion, suggesting continued market interest despite the recent pullback.

EigenLayer (EIGEN): Low Volume May Delay Breakout

Currently priced at $3.50, EigenLayer has gained 0.85% over the last 24 hours. However, volume has fallen by 31.29%, reflecting weaker market participation.

Source: Coinmarketcap

Immediate resistance sits between $3.55 and $3.60. A stronger resistance level is at $3.65, which the price has struggled to break.

Support lies at $3.40, with a secondary level at $3.30, where buyers have stepped in previously. With a volume-to-market cap ratio of 44.85%, the token remains relatively active, but further upward movement may depend on a volume resurgence.

Bittensor (TAO): Consolidation Phase in Sight

TAO is trading at $515.01, down 3.02% over the past day. The price briefly touched resistance at $520 but failed to break through. As a result, the next stronger resistance is at $530.

Source: Coinmarketcap

On the downside, immediate support is at $505, and if it breaks, $490 becomes the next critical defense zone. With a $3.8 billion market cap, TAO is a significant player, yet its low volume activity, shown by a volume-to-market cap ratio of 4.63%, may signal consolidation or a lack of trader interest.

FET: Holding Key Support Despite Decline

FET’s price currently stands at $1.38, down 3.72% for the day. The token has tested its support level at $1.33 multiple times, showing strong defense from buyers at this level.

Source: Coinmarketcap

If FET can hold above this, the next resistance to watch is around $1.40, with another significant level near $1.43. However, if the price dips below $1.33, further declines may be expected.

Pyth Network (PYTH): Testing Lower Bounds of Support

PYTH has dropped 4.54%, bringing its price to $0.3133. The price is approaching strong support at $0.305, which has held throughout the day. 

Source: Coinmarketcap

Resistance is near $0.320, and breaking this could signal a potential recovery. However, with the downward trend in control, PYTH faces challenges in regaining bullish momentum.

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