Crypto price forecasts: Render , Floki, Arweave

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As a seasoned crypto investor with a keen interest in technical analysis, I find the recent price movements of Render Token (RNDR), Arweave (AR), and Floki intriguing. Based on the available chart patterns and market conditions, here’s my take on each:

As a researcher studying the financial markets, I observed a notable rebound in cryptocurrencies and stocks on Wednesday. The weak US inflation data and investors’ confidence in buying the recent dip led to this upturn. Bitcoin was approaching the significant level of $70,000, while Dow Jones and Nasdaq 100 indices futures experienced gains of 365 and 150 points respectively. Let me share some insights on the outlook for a few popular cryptocurrencies:

Render Token price 

This week, the value of Render Token took a hit as the selling of altcoins intensified. Its value plummeted from its peak of $11.86 in May to a low of $7.98.

After the positive US inflation report was released, the token rebounded. The Fed’s upcoming interest rate announcement could lead to advantageous rate reductions for Render and similar tokens.

As an analyst examining the daily chart, I’ve observed that the token has rebounded and formed a bullish engulfing pattern – a common indication of a trend reversal. Currently, it is attempting to surpass the 100-day Exponential Moving Average (EMA) as of this writing.

The price of Render has surpassed the 38.2% Fibonacci level of its recent decline. However, it still falls short of the Woodie pivot mark. This upward trend, following the formation of a double-top pattern, should be approached with caution.

One possible turn of events is that it may resume its downward trajectory, with sellers aiming for the significant support at $7.9890 – its lowest point this week.

Arweave price forecast

Arweave, a prominent name in the Web3 storage sector, experienced a significant decline following its peak at $49.82 on May 18th. Subsequently, it plunged more than 30%, signaling a steep downturn in the market.

Arweave currently sits below its 50-day moving average but hovers slightly above the initial support level of the Woodie pivot point. This is a bearish sign. However, there’s a potential bullish indication: Arweave’s price chart appears to form an inverse head and shoulders pattern, which is often seen as a bullish reversal signal.

As a researcher studying the price action of Arweave, I’ve noticed that it currently hovers between the middle and lower lines of the Schiff pitchfork tool. This indicates a mildly bullish outlook for the token. The next significant resistance level to keep an eye on is the Woodie pivot point, located at approximately $41.70.

If the price of the token falls beneath the initial support level at $33.68, this perspective will no longer hold true as it would disrupt the inverted Head and Shoulders pattern.

Floki price analysis

Floki chart by TradingView

Floki, a widely followed meme coin, experienced a significant downturn in recent days. Its price peaked at $0.0003485 this year but dipped as low as $0.0002195 on Wednesday.

As an analyst, I’ve observed a downward trend unfold in the pair’s price action. Notably, this decline occurred after the formation of a double-top pattern at $0.0003140. The neckline of this bearish configuration was situated at $0.0001130. In my experience, such a pattern often signifies a strong bearish outlook in technical analysis.

The token’s price has received backing from both the 50-day and 100-day Exponential Moving Averages (EMAs) as a positive sign.

Based on current market trends, the token’s forecast indicates a bearish stance, with the next significant resistance level lying around $0.00017 – approximately 30% lower than the present price. An alternate perspective suggests that the token could rebound and reach the upper boundary of the double-top formation at $0.0003140.

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2024-06-12 17:30