As a seasoned researcher with years of experience navigating the volatile cryptocurrency market, I must admit that these times are always a rollercoaster ride. However, I’ve learned to find opportunities where others see fear.
Amidst the current anxious economic climate, some of the more expensive alternative cryptocurrencies have found themselves resting upon key support levels. Could this be a good opportunity for investment?
Buy when the market is fearful?
In periods of financial instability, even Bitcoin owners may feel anxious. However, individuals who choose to venture deeper into the realm of risk by investing in alternative cryptocurrencies (altcoins), particularly those initiating long trades at this time, show a remarkable level of courage and resilience.
Successful traders and investors often purchase assets during periods of market fear. The current market climate certainly appears fear-driven, yet the crucial point remains: “Is it the optimal moment to invest?”
As an analyst, I find myself standing at a significant crossroads in the Bitcoin and cryptocurrency market. The current state of the market hints towards either a resumption of the bull market with prices surging once more or a sharp decline that could potentially signal the onset of an early bear market.
$INJ good for a bounce from support?
On a weekly basis for Injective Protocol ($INJ), the price is comfortably perched above its prior market setup. By the week’s end, there seems to be a possibility of a Stochastic RSI crossover confirmation, which could indicate a strong push that might drive the price back towards the $32 resistance level and possibly beyond.
For INJ‘s pricing model, it maintains clear boundaries between its support and resistance levels. If the price were to fall from the current $17.50 mark, a robust level of support can be found at $13.70.
Stars aligning for $AVAX
For quite some time now, the price of Avalanche ($AVAX) has been moving within a prolonged band, dating back to early 2021. Notably, it reached its highest point during the previous bull market at $147. Since then, the value has oscillated above and below the significant resistance/support level of around $21.
Based on strong indications that the Stochastic RSI will cross above 20 by the end of this week, and given that $AVAX has found support near $21 for the second time, along with the reinforcing influence of the 0.786 Fibonacci level, all signs point towards a potential rise in the price of $AVAX. Investors may consider making purchases at the current level or even lower, around the $21 support, while keeping a close watch on a stop loss just below this level.
$RUNE at a great position for a buy
Thorchain’s ($RUNE) current position looks promising for long-term investments. The price has surpassed its previous downtrend line and subsequently retested it, which also validates the $3.90 price point as a solid support level. If there’s a potential breakdown below this robust support level, another strong support level can be found at around $3.10.
For the upcoming period, potential optimistic price levels are projected to be around $6 (which corresponds to 0.382 Fibonacci ratio), $8 at the 0.618 Fibonacci level, and $9.60 at the 0.786 Fibonacci level. The current peak is slightly above this at approximately $11.47. If RUNE fails to surpass this peak, it might indicate a failed rally, potentially hindering any further price increase.
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2024-08-30 13:07