index
$RNDR, $AVAX, $PYTH are the three major altcoins at significant levels. The market is still waiting for the Bitcoin rally, which has not yet arrived. Can these altcoins bounce back or will they crash?
$RNDR approaches rebound level
Source: TradingView
Render ($RNDR) has already broken the bullish trend line that has shown strong support at $7. The price has identified this level as resistance and has fallen further to reach moderate support at $5.42. This is also the 0.618 Fibonacci level, so we can expect the price to hold and bounce from here. Otherwise, support at $4.63 awaits below.
$AVAX is back to its almost basic price structure.
Source: TradingView
$AVAX price is at risk of falling completely to the bullish base structure of $21. This is also the 0.786 Fibonacci level, which would be a very strong support. Nevertheless, there is still a possibility that the current price level will hold at $25. This is a support level, and the price has currently broken the downtrend line that supports it. The weekly close will be important.
$PYTH reaches double bottom
Source: TradingView
$PYTH had a huge token unlock a while ago, which helped the price to drop significantly. The current price is below the 0.786 Fibonacci on the weekly time frame. However, the weekly close has not yet occurred, and the $PYTH price needs to break above this level and break the downtrend line.
A favorable double bottom is emerging, with a tentative tick up from the bottom of the Stochastic RSI. This indicator continues to rise again and could bring significant momentum to the price if it avoids another fake out (which happened in June).
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.
Investment Disclaimer
