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A bullish stance is emerging across the cryptocurrency markets. Bitcoin is ready to take off, and altcoins are ready to follow suit. $RENDER, $INJ, $BNB, and $RUNE are some of the best altcoins ready to breakout.
The entire cryptocurrency market is on the verge of a major breakout that could reverse the current downtrend. Bitcoin is in a bullish ascending triangle and is ready to explode higher. What happens to the rest of the cryptocurrency market? If Bitcoin goes higher, altcoins will follow suit, and some will even surpass the king of crypto.
$RENDER starts recovery
Source: TradingView
As with the previous bear market, $RENDER price has seen a massive reversal during this relatively long crypto correction phase. Since May 20, $RENDER price has crashed by over 70%, which would be a 75% reversal if this correction was from the March 11 high.
But things are starting to change. Now, facing horizontal resistance and approaching the downtrend line, $RENDER price is getting closer to a potential breakout. The rising cross on the Stochastic RSI at the bottom of the chart is signaling the arrival of a huge upside momentum.
The Fibonacci lines in this price action area show confluences at $9.93 (0.618) and $11.70 (0.786). If the price breaks through, these points will be targets.
$INJ can break through to $32
Source: TradingView
$INJ price seems to have found strong support at the $17.50 horizontal level. Now the price is likely to rise and break the downtrend line. Strong resistance can be found at $32.
The weekly Stochastic RSI is in the shape of an upward crossover. It is above the 20 line, so if this is confirmed by the weekend, it will be very bullish.
$BNB Possible Price Target $1,000
Source: TradingView
$BNB price has already recovered significantly from the Japanese stock market crash. $BNB price, which rose 44% from the big crash, is breaking out of the triangle pattern and reaching the top of the bull flag/channel. Once again, the Stochastic RSI is signaling a change in momentum towards an uptrend.
Whether based on bull flags, triangles or Fibonacci levels, the upside target for all of these is around $900 to $1,000.
$RUNE Breakout Imminent
Source: TradingView
Of the four altcoins analyzed in this article, $RUNE is probably the closest to a breakout. At current prices, $RUNE is facing significant resistance. If $RUNE can break above this $4.20 level, it will also have broken the downtrend line.
For the $INJ price, if the Stochastic RSI is above the 20 level, the uptrend is likely to be quite strong. $5.96, $8.00, and $9.57 are the upside targets.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.
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