As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself intrigued by the recent green shoots emerging among digital assets like Binance Coin ($BNB), Kaspa ($KAS), and Render ($RENDER). My personal journey in this field has taught me that these markets are as unpredictable as a rollercoaster ride but equally exciting.
As Bitcoin (BTC) potentially regains momentum, it seems that other cryptocurrencies are also picking up steam, moving towards green territories once more. Notable among the solid altcoins showing signs of recovery are Binance Coin ($BNB), Kaspa ($KAS), and Render ($RENDER). Each of these has rebounded from significant support points.
$BNB heads for another attempt to break its downtrend
Since mid-March this year, the graph for BNB‘s weekly price movement indicates a consistent sideways trend, which is quite similar to what we’ve seen with Bitcoin.
From the current position, a downward sloping line can be traced, which the BNB price has largely adhered to, save for two instances where it tried but failed to break out in June, and most recently at the end of September. However, the price is now moving in the opposite direction, suggesting it might approach that trend line again with an aim to make another attempt at breaking out.
The price of BNB tends to move towards Fibonacci levels, which have proven effective at predicting both support and resistance. A striking instance is during the Japanese stock market crash when the price significantly dipped to approximately 0.618 Fibonacci level.
$KAS strong bounce from the 0.618 Fibonacci support
The Fibonacci sequence significantly impacts the support and resistance levels of the $KAS stock price as well. Currently, the price is experiencing a robust rebound from the 0.618 Fibonacci level. Conversely, the 0.5 Fibonacci level acts as potential resistance above at approximately $0.15. Let’s cross our fingers that the slightly lower bottom reached in the previous local dip won’t prove detrimental for future gains.
If the KAS price surpasses the 0.5 Fibonacci level and sustains it as a base, breaking through the downward trendline could be our next objective.
$RENDER makes another higher low
It appears that $RENDER is persisting in breaking away from its previous downward trajectory. A new peak was reached at $6.84, and the price seems to have effectively rebounded from the robust support at $5.30, suggesting the possibility of forming another higher low.
According to the Fibonacci sequence, potential resistance points for $RENDER align well with the levels identified. These possible resistance levels are found at $7.40 (based on 0.382 Fibonacci), $9.85 (0.618 Fibonacci), and $11.61 (0.786 Fibonacci). The highest price ever recorded for this stock was at $13.82.
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2024-10-04 14:13