Three Altcoins With Rising Potential Despite Recent Market Declines
In recent times, the cryptocurrency market continues to experience significant declines amidst recent developments. In a market dominated by fear and concern, it is not very likely to see an upward trend. However, there is something we have forgotten; cryptocurrency markets have no written rules. In this article, we will examine three altcoins that are attracting attention with their chart formations and have potential for growth.
Render Chart Analysis
Despite the recent declines, Render’s native token RNDR has not compromised its rising channel formation. The strong stance of the crypto asset, which is moving well above the EMA 200 average, is noteworthy. Investors should be quite happy with the significant rise since the beginning of October.
The support levels to be followed for RNDR are 1.76 / 1.73 and 1.69 dollars. Especially the 1.76 level, which has been acting as support for the past three bars, should be closely monitored. If the formation below this level becomes invalid, the price decline may accelerate. The resistance levels to be considered for RNDR are 1.79 / 1.82 and 1.86 dollars.
Chainlink Chart Analysis
There is a noticeable breakthrough in the LINK chart, which has recently come to the agenda with whale purchases. The downtrend seen in the LINK/BTC pair since the beginning of October has been broken on the four-hour chart. This indicates that the LINK price will strengthen against Bitcoin.
The support levels to be followed for the LINK/BTC pair are 0.0002683 / 0.0002646 and 0.0002621. In particular, the breakthrough of the 0.0002683 level will eliminate the bullish scenario. The resistance levels to be followed for the LINK/BTC pair are 0.0002773 / 0.0002805 and 0.0002844.
TomoChain Chart Analysis
The first formation that stands out in TomoChain’s daily chart is the ascending wedge formation. After the support of the EMA 200 average during the decline in August, TOMO price increased by 60%. In recent days, the price has managed to stay within the formation zone despite the declines.
The support levels to be considered for TOMO are 1.38 / 1.31 and 1.24 dollars. In particular, a daily bar closing below the 1.38 dollar level may cause the formation to work in a downward direction. The resistance levels to be followed for TOMO are 1.47 / 1.53 and 1.63 dollars, respectively.