As an analyst, I observed that both $AVAX and $RENDER mirrored Bitcoin‘s positive trend yesterday, posting gains. The question arises: Will these altcoins imitate Bitcoin further by regaining their respective all-time highs?
Total3 altcoin market cap continues to recover
To start, checking the Total3 chart provides insight into the overall performance of altcoins. This chart displays the total market capitalization of all cryptocurrencies, except for Bitcoin (BTC) and Ethereum (ETH). After a significant 26% dip, the combined market cap of altcoins is now trending upward again.
At the current levels of $1.05 trillion and $1.13 trillion, there are still obstacles that need to be surmounted. However, if you examine the base of the chart, the Stochastic RSI momentum indicator suggests a possible reversal, which could generate the strong push needed to clear these hurdles. Whether this upward movement is confirmed or not will become apparent at the end of the week.
$AVAX bulls have much to do
From a crypto investor’s perspective, analyzing the weekly chart for AVAX, I can’t help but feel that something isn’t quite right. The price has indeed broken out of its prolonged downtrend and confirmed the break, yet I can’t shake off this feeling that we should be closer to AVAX’s previous all-time high. If we are truly in the final stages of a bull market, wouldn’t I expect AVAX to be significantly nearer its peak rather than being 70% away from it?
For the AVAX bulls, it’s crucial to aim for a significant rise in price (a higher high) as a minimum goal. Fortunately, there’s a chance that the weekly Stochastic RSI could reverse direction and climb back up, potentially providing strong momentum to support the price increase.
$RENDER surge has potential
On Monday thus far, the price of RENDER has surged over 5%, edging closer to its all-time peak. Unlike AVAX, it appears that RENDER may indeed reach this high point again. The chart presents a more optimistic outlook, with the 0.618 and 0.786 Fibonacci levels, at approximately $9.86 and $11.60 respectively, looking achievable.
Weekly Stochastic RSI positive across crypto
Three charts exhibit a common feature – they all show a potential cross-up using the Stochastic RSI on the weekly scale. This similarity, when combined with Bitcoin displaying the same pattern, suggests that a significant crypto market rally could be imminent.
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2025-01-06 15:14