As a seasoned researcher with years of experience in the dynamic world of cryptocurrencies, I find myself constantly intrigued by the potential of altcoins during bull markets. The recent performance of Binance Coin ($BNB), Solana ($SOL), and Rendering Token ($RENDER) against Bitcoin ($BTC) is indeed captivating.
Should Bitcoin ($BTC) successfully break beyond its bullish pattern, the surge of funds flowing into the cryptocurrency sector could be substantial, potentially igniting the altcoin rally within this bull market. Nevertheless, at present, only a few altcoins have managed to surpass Bitcoin’s performance. However, Binance Coin ($BNB), Solana ($SOL), and Render ($RENDER) are notable exceptions.
BNB/BTC up 80% since December 2023
As an analyst, I’ve noticed that Binance Coin ($BNB) has been consistently moving upward against Bitcoin ($BTC) since early 2021, indicating a strong uptrend. However, following the peak of the bull market in November 2022, the price of BNB relative to BTC experienced a significant decline throughout the bear market, much like other altcoins. This suggests that Bitcoin has been gaining strength at the expense of Binance Coin during this downward phase.
Despite the past trends, starting from early 2023, there’s been a resurgence in favor of $BNB, which has seen a significant 80% increase as of now.
According to the graph presented, the BNB price is currently holding steady just above the initial Fibonacci level (approximately 0.236). Potential targets for upward movement lie at the 0.382 Fibonacci level (around 0.01BTC), followed by the 0.618 Fibonacci level (about 0.014BTC), and then the 0.786 Fibonacci level which is estimated to be around 0.016BTC.
On the chart’s lower portion, the Relative Strength Index (RSI) remains consistently above the 50.00 mark, a pattern typically observed when Binance Coin ($BNB) outperforms Bitcoin ($BTC).
SOL/BTC pair heading for huge breakout
The SOL/BTC pair is heading towards the apex of a huge triangle. There is actually another 3 or 4 months left in the triangle should the SOL/BTC pair linger inside.
After a break occurs, it’s more probable that the price of $SOL will rise rather than fall, as this is the current trend. If the resistance level at 0.003BTC can be surpassed and held above this point, there’s a chance we could reach the all-time high for SOL/BTC at 0.0046 during the later phases of this bull market.
RENDER/BTC uptrend recommences
The chart comparing RENDER and BTC demonstrates that RENDER has been on an upward trajectory in favor of itself since the crypto market exited the bear phase at the start of 2023. After peaking against BTC, RENDER experienced a significant drop of approximately 66%, which may have been challenging for its supporters. However, it seems that this trend is poised to shift soon.
The significant reversal point has returned near the rising trendline, and it’s slowly climbing alongside it. The value of $RENDER has been denied at the initial Fibonacci level of 0.0001, however, a potential ascending triangle is taking shape slightly lower down.
Should the ongoing pattern persist, there’s a possibility that the price of $RENDER could surge beyond its 0.236 Fibonacci level. The potential targets for the $RENDER/BTC pair are indicated in the chart provided, based on the Fibonacci levels.
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2024-10-09 14:15