As a seasoned analyst with over two decades of market analysis under my belt, I’ve witnessed numerous bull and bear cycles, and I must say, the current state of the crypto market has me quite optimistic. Bitcoin is showing signs of a significant breakout, which could potentially ignite a fire under the altcoins. Four altcoins, in particular, are primed for success: $RENDER, $INJ, $BNB, and $RUNE.
Positive maneuvers are occurring throughout the cryptocurrency sector. Bitcoin appears poised for lift-off, while many other coins are gearing up to follow suit. Notable altcoins like RENDER, INJ, BNB, and RUNE look set to surge ahead.
The overall cryptocurrency market seems poised for a significant leap that could potentially halt the ongoing downward trajectory. Currently, Bitcoin is in an ascending bullish pattern, indicating it’s about to surge upward dramatically. But the question remains: how will the rest of the crypto market react? If Bitcoin experiences growth, most other cryptocurrencies are likely to follow suit and some may even surpass Bitcoin as the top player in the market.
$RENDER begins its recovery
Just like during the previous bear market, the price of $RENDER has experienced a significant downturn over the extended phase of the recent crypto market correction. Beginning on May 20th, the price plummeted by more than 70%, and if this correction is measured from the peak on March 11th, it represents a 75% reversal.
Changes are underway, as the price of RENDER encounters resistance horizontally and approaches a downward trend line, indicating a potential breakout. A crossover on the Stochastic RSI at the base of the chart suggests an incoming surge of significant upward momentum could be imminent.
$9.93 (representing 0.618) and $11.70 (representing 0.786). If the price moves beyond its current level, these could be the points where it might stop or reverse.
$INJ possible breakout to $32
It appears that the $INJ‘s price has established a robust base at approximately $17.50, which serves as a horizontal support level. For the price to advance, it needs to surpass the current descending trendline. Notably, significant resistance could be encountered around $32.
Based on current trends, the Weekly Stochastic RSI is likely to move upward. If it crosses above the 20 line by the end of the week, which seems probable, this could indicate a very optimistic outlook for the market, or in other words, a strong bullish signal.
$BNB possible $1,000 price target
The $BNB price has already recovered hugely from the Japanese stock market crash. Up 44% from its big dip, the $BNB price looks to be breaking out of the triangle pattern, and has reached the top of the bull flag/channel. Once again, the Stochastic RSI is signalling a change in momentum to the upside.
Regardless if we’re looking at a bull flag, triangle, or Fibonacci levels, our predicted price rise ranges from approximately $900 to $1,000.
$RUNE breakout imminent
Among the four alternative cryptocurrencies examined in this article, RUNE appears to be the one closest to a breakout. At the moment, a significant barrier at its current price is challenging RUNE. If RUNE manages to surpass the $4.20 mark, it would also have breached the existing downtrend line.
If the stochastic RSI crosses over on the chart, which means the $INJ price is currently above the 20 level, it could indicate a strong surge in prices. Potential upper levels to watch out for are $5.96, $8,000, and $9.57.
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2024-08-23 14:04