As a seasoned analyst with over two decades of experience in the financial markets, I have witnessed countless bull runs and bear markets. The recent surge in altcoins, particularly $RENDER and $TON, has caught my attention.
In recent days, Altcoins have been basking in the limelight as Bitcoin (BTC) surged by 23%. Concurrently, some altcoins also recorded significant gains. Notably, $RENDER and $TON have performed exceptionally well, but they each encounter distinct hurdles.
$RENDER looked extinction in the eye
Among the standout performers during the previous market rally and potentially this one as well, RENDER has suffered a significant decline. In fact, its price has plummeted by 75% from its peak of $13.64 in mid-March, causing many to question its survival.
A $RENDER bottom found
On the bright side, it appears we might have reached a low point, hinting that the road to recovering our March peak may have begun.
Over the past few days, the value of $RENDER has surged an impressive 42%, thanks to its firm position on a robust horizontal support at $3.40. Currently, it’s maintaining itself above the crucial level of $4.56, with hopes that it will convert this barrier into a new support point.
If $RENDER maintains its upward momentum and successfully breaches the current downtrend, potential resistance levels may be identified using Fibonacci retracement levels, as shown on the provided chart.
As I analyze the chart, it appears that the weekly Stochastic RSI, positioned at the chart’s base, might be taking a final dive towards the lowest point. If this hypothesis holds true, a cross-up event could occur, potentially injecting significant upswing momentum into the $RENDER price.
A $TON price rejection?
As an analyst, I’ve observed an intriguing trend in the past few weeks. After reaching a record high in mid-June, the $TON price dipped by approximately 42%. In stark contrast, the decline for $RENDER was a substantial 75%. However, over the last few days, $TON has seen a significant surge of around 36%, finding itself close to horizontal resistance and a downward-sloping trend line. Given this position, there’s a possibility that the price might be rejected at this point.
Huge $TON wick down
On a broader view of weekly trends, it’s noticeable that TON has moved into a resistance zone ranging from approximately $6.25 to $6.80. Despite this, a large tail below indicates significant buying activity occurred when the price dropped, coinciding with the Japanese stock market downturn.
At the base of the graph, the Stochastic RSI indicates a rise from the bottom, potentially adding significant momentum to this recovery, similar to what might happen with $RENDER. Keep an eye on both assets as they could continue to surge upward.
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2024-08-09 14:01