Avalanche (AVAX) and Render (RENDER) - Could They Reach Record Highs Again?
Both $AVAX and $RENDER are mirroring Bitcoin’s upward trend, showing gains this Monday. Might these altcoins follow Bitcoin’s path back to their record highs?
Altcoin Market Cap Shows Signs of Recovery
Source: TradingView
To assess the overall performance of altcoins, it's beneficial to examine the Total3 chart, which monitors the total market capitalization of cryptocurrencies, excluding $BTC and $ETH. The chart reveals that after a significant 26% pullback, the altcoin market cap is once again on an upward trajectory.
The market is still facing horizontal resistance levels at $1.05 trillion and $1.13 trillion, but the Stochastic RSI momentum indicator at the bottom of the chart suggests a possible upward crossover, which could provide the momentum necessary to surpass these barriers. Whether this crossover is confirmed will be clearer by the week's end.
$AVAX Bulls Face Challenges
Source: TradingView
Examining the weekly chart for $AVAX, it's evident that although the price has broken free from a prolonged downtrend and confirmed this breakout, the chart still appears concerning. In the late stages of a bull market, one would anticipate $AVAX being closer to its previous peak, rather than trailing 70% behind.
Achieving a higher high is crucial for $AVAX bulls as a basic requirement. However, they might find support in the fact that the weekly Stochastic RSI appears poised for a bullish crossover, potentially infusing the price with significant upward momentum.
$RENDER May Have Momentum for a Comeback
Source: TradingView
Experiencing over a 5% increase on Monday, the $RENDER price is on the rise towards its all-time high, and unlike $AVAX, it might actually make it there. This chart presents a more optimistic outlook, with the 0.618 and 0.786 Fibonacci retracement levels appearing within reach at $9.86 and $11.60, respectively.
Stochastic RSI Bolsters Optimism Across Crypto Charts
A common theme across all three charts, including Bitcoin's, is the weekly Stochastic RSI, which indicates potential upward crossovers. This alignment suggests that a strong rally might soon be underway across the cryptocurrency market.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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