Altcoins have been having their time in the sun. As Bitcoin (BTC) rallied 23% over the last three to four days, some of the altcoins also enjoyed big gains. Both $RENDER and $TON did very well recently, but both are facing their own particular challenges.
$RENDER looked extinction in the eye
One of the darlings of the last bull market, and arguably the same for the beginning of this one, $RENDER has since dumped extremely hard. Down 75% from its mid-March all-time high of $13.64, the $RENDER price looked extinction in the eye.
Source: TradingView
A $RENDER bottom found
However, looking at the positives, there are good signs that a bottom has been found, and that the start of the long journey back to that March top could already have happened.
The $RENDER price has rallied a massive 42% since the beginning of the week, after basing itself on the strong horizontal support at $3.40. The price is also now holding above the next big level at $4.56, which it should succeed in flipping from resistance into support.
Should $RENDER continue to rally higher and officially break this downward trend, overhead targets can be found as per the fibonacci levels on the above chart.
The weekly stochastic RSI, seen at the bottom of the chart, is showing the indicators perhaps making a last dip to the bottom. A cross up should then result, bringing a lot of upside momentum into the $RENDER price.
A $TON price rejection?
Source: TradingView
Since topping out at an all-time high in mid-June, the $TON price reversed a relatively modest 42%, compared with the huge 75% for $RENDER. In the last few days, $TON has made its way 36% higher, to now be nestled up against horizontal resistance, and also the downward-sloping trend line. Could the price be rejected here?
Huge $TON wick down
Source: TradingView
Zooming out onto the weekly time frame, it can be observed that $TON has entered the band of resistance stretching from $6.25, to $6.80. That said, the huge wick below shows that heavy buying came in as the price fell during the Japanese stock market crash.
The stochastic RSI, at the bottom of the chart, shows a cross up from the bottom which can bring a lot more momentum into this revival, just as can be the case for $RENDER. Look for both tokens to continue to rally.
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.
