3 Altcoins Showing Signs of a Bottom as March Kicks Off

Key Takeaways

• The SUI price broke down from a symmetrical triangle pattern.
• AAVE is approaching the end of a descending wedge pattern.
• Near Protocol (NEAR) is close to its long-term channel support.
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The entire crypto market has fallen since January. The sentiment is overwhelmingly negative, aided by the Bybit exchange hack, the largest crypto hack in history, and consistent Exchange Traded Fund (ETF) outflows.

While Bitcoin (BTC) has fallen 27%, altcoins have fared worse, as noted by the strength in the Bitcoin Dominance Rate (BTCD).

With that in mind, let’s look at some altcoins that may reach their local bottoms in March despite their significant falls.

SUI Breaks Down

The SUI price has fallen significantly since reaching its all-time high of $5.36 on Jan. 4. The decline has followed a five-wave structure, noticeable by the symmetrical triangle in wave four.

Since symmetrical triangles occur only in wave B or wave four, SUI is likely in the final portion of its downward movement.

SUI is retesting the triangle’s support trend line and the $2.95 area as resistance (red icons). After the retest is complete, another downward movement could happen.

The most likely area for the end of the downward movement is at $1.65-$1.95, created by the 1.61 external Fibonacci retracement of the recent drop and by a horizontal support area.

The daily Relative Strength Index (RSI) and Moving Average Convergence/Divergence (MACD) are already generating bullish divergences, a sign that a trend reversal is near.

So, the SUI price could bottom in March after completing the final portion of its downward movement. If that happens, SUI can increase toward the $4.15 resistance.

AAVE Pattern Ends

Similarly to SUI, the AAVE price has completed a five-wave downward movement since its December 2024 high. The decrease is contained inside a descending wedge, considered a bullish pattern.

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While inside the pattern, AAVE broke down from a short-term symmetrical triangle. This marked the beginning of the fifth and final wave to the downside.

AAVE has already fallen below wave three’s bottom and reached the wedge’s support trend line. So, the local bottom may already be in place.

Unlike SUI, AAVE does not have the support of a bullish divergence in the RSI. However, AAVE is nearing the 0.618 Fibonacci retracement support level at $180.66, which could mark the end of the correction.

A breakout from the wedge will trigger an upward movement toward the main resistance at $280.

NEAR Concludes March Altcoins

The final altcoin that could reach a bottom in March is NEAR. The NEAR price has been corrected inside a descending parallel channel since March 2024.

The channel likely contains an A-B-C structure, where waves A and C have the same length.

If this is the case, the NEAR price has nearly reached its predicted bottom target of $2.47, which would also take it to the channel’s support trend line.

Furthermore, the daily RSI and MACD have generated bullish divergences (orange), supporting the bullish NEAR predictions.

A strong bounce at the channel’s support trend line can catalyze an upward movement toward the channel’s midline at $5 and possibly even cause a breakout from the channel.

Altcoins That Bottom in March

SUI, AAE, and NEAR are three altcoins with bullish formations that can reach bottoms in March.

SUI and AAVE are bottoming after fourth wave triangle breakdowns, while the NEAR price is at the bottom of wave C in its correction. All three have generated some sort of bullish divergences.