Render (RNDR) and Injective Protocol (INJ) among the altcoins bouncing highest

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As a researcher with experience in the cryptocurrency market, I’ve noticed that Bitcoin (BTC) and several altcoins, including Render (RNDR) and Injective Protocol (INJ), are currently bouncing back after Tuesday’s dip. However, the sustainability of these bounces might depend on Chair Powell’s speech later today.

As a crypto investor, I’ve noticed that both Bitcoin (BTC) and several altcoins have rebounded following Tuesday’s dip. Among the top altcoins experiencing significant rebounds are Render (RNDR) and Injective Protocol (INJ).

As the anticipated speech from Federal Reserve Chair Powell approaches on Wednesday, Bitcoin and other altcoins are showing signs of a rebound. Among the top-50 cryptocurrencies by market capitalization, Render (ranked 34th) and Injective Protocol (ranked 43rd) stand out. Despite their current positions, these coins boast impressive potential and unique applications.

As an analyst, I believe that the resilience of these recent bounces could hinge on the content of Powell’s speech today. However, following Tuesday’s market downturn, several altcoins appeared poised for a rebound. Among them, Render and Injective Protocol stand out as potentially strong investment options.

$RNDR breakout soon to take place

Within an hour, RNDR‘s price has struggled to surpass its descending trendline. Yet, should the price sustain above $8.60, this level could serve as solid support. A breakthrough may not be far off after that.

$RNDR outperforming $BTC

$RNDR‘s impressive performance over the past 18 months stands out when contrasted with $BTC. A limited number of altcoins have surpassed Bitcoin’s growth during this period, and $RNDR is among them. The upward trend for $RNDR started around mid-2022, gaining momentum since early 2023.

$INJ at resistance

From January 2023 until early March of this year, Injective underwent a remarkable rise to prominence, culminating in a staggering 4380% increase in its $INJ price relative to the US dollar.

I’ve noticed an impressive surge in the value of $INJ recently. However, if we look beyond this uptrend, the price has been largely stagnant since early 2024. There was a significant dip in April that the market hasn’t fully recovered from yet. As shown on the attached chart, the current price is hovering at the resistance level of this decline. To continue climbing higher, $INJ needs to break above this barrier once more.

$INJ uptrend against $BTC needs to get back on track

Similar to Injective (INJ), Render Network (RNDR) has continued to rise in value relative to Bitcoin (BTC) since the start of 2023. However, INJ’s upward trajectory against BTC was disrupted in April with a broken trendline, and it must regain this level as well as surmount the resistance at 0.00043 satoshis for further growth. Notably, INJ experienced a more pronounced correction, dropping by approximately 70% versus Bitcoin, whereas RNDR saw only about a 50% reduction in value.

Are your altcoins outperforming $BTC?

When holding an altcoin for an extended period, it’s crucial to evaluate whether its performance exceeds that of Bitcoin. If not, then it may be time to reconsider your investment in that particular altcoin.

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2024-06-12 16:19