Altcoins Struggle, Will Crypto Markets Trigger a Rebound?
The crypto markets are losing momentum; the prices of popular cryptos like Bitcoin, Ethereum, etc. and the other cryptos in the top 10 have faced a significant plunge. Amid the rising bearish influence over the markets, some of the altcoins have managed to mark some gains, being the gainers for the day.
Render (RNDR) Price Analysis
- After the rejection from the sideways consolidation around $2.2, the Render price dropped but soon ignited a parabolic recovery
- Presently, the bulls appear to have gotten exhausted as the bearish pressure is slowly intensifying
- Besides, the MACD is closer to displaying a bearish crossover, which indicates the selling pressure could mount very soon
- This could cause the price to undergo a minor plunge but before reaching the lower support at $1.587, a rebound could occur at $1.69 that may elevate the price close to $2
Maker (MKR) Price Analysis
- The MKR price has been trading in an ascending order since the start of the year, despite a couple of hindrances that tried to keep it restricted below $1000
- The token has experienced a huge influx of volume, which has kept up the volatility and hence the prevailing upward momentum could lift the price close to $2000
- In the long term, the Maker price appears to be extremely bullish after rebounding from 0 FIB levels
- Regardless of the short-term pullback, the MKR price is primed to maintain an elevated trend and head towards higher targets soon
Toncoin (TON) Price Analysis
- The Toncoin price has been trading in an ascending parallel channel ever since the volatility rose to a large extent
- The platform also experienced a rise in volume, suggesting more enhanced action could be underway
- As RSI remains bearish, the price could continue to remain consolidated within a narrow region and further try to trigger a bullish rebound
- With this, the TON price is believed to rise above $2 and eventually hit the interim target of $2.5 by the end of the month