Analytics
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The mood of market participants this week was ambiguous: some investors tuned in to the continuation of the already protracted outset, while others were waiting for the correction to begin. However, some assets still managed to show good results. Among the popular altcoins that managed to resist and even increase in price were:
- Render Token (RNDR) +15.40%
- Coffee (COFFEE) +14.59%
- Tron (TRX) +9.49%
- SingularityNET (AGIX) +6.06%
- Iota (MIOTA) +5.45%
Render Token (RNDR) leads the list of growth leaders among altcoins
The RNDR price has been moving up since the beginning of the year. On May 11, it rebounded after reaching a local low of $1.62 and accelerated its growth rate, which led it to a new annual high of $2.95 on May 21.
After a short-term fall, the price has recovered and is now making another attempt to reach new heights.
Source: Trading View
According to the wave chart, RNDR has every chance to rise to $3.33. By studying repetitive long-term price patterns and investor psychology, technical analysts use Elliott Wave Theory to determine the direction of a trend. The target is determined by giving the fifth wave the same length as the first and third waves combined.
A drop in the asset price below the local low of $2.25 (marked with a red line on the chart) will mean that the bears have seized the initiative. In this case, the most likely scenario would be a decline to $1.70.
Kava (KAVA) tries to overcome important resistance
The price of KAVA has risen rapidly since hitting a low of $0.66 on May 8. The move up accelerated on May 23, when the asset managed to break out of the $1.1 resistance area and record a high of $1.55 on the same day. However, after that, the price of the token returned to the horizontal level again and seems to have confirmed it as support.
Source: Trading View
In the event of a rebound from $1.1, KAVA may retest the recent high. A fall below this area will trigger a move towards the nearest support at $0.75.
Tron (TRX) is trading in the middle of the range
TRX price has been rising since March 11th. After several attempts to overcome the $0.071 area, the asset still managed to consolidate above it and reach a new annual high of $0.080 on May 23rd. Tron price is currently trading in the middle of the $0.071-$0.088 range.
Source: Trading View
If the rally loses momentum, TRX could drop to the $0.071 area. However, if the upward movement continues, the price of the asset will head towards the next resistance at $0.087.
SingularityNET (AGIX) price bounces off corrective model support
AGIX has been moving inside the descending parallel channel since February 8. This pattern is considered corrective, so a break out of it would be the most likely scenario. On May 12, the price rebounded from the confluence of support levels (marked with a green icon on the chart) formed by the channel support line and the $0.23 horizontal area.
Source: Trading View
If AGIX manages to break out of the channel, it could rise to the next resistance at $0.57. Otherwise, the token is waiting for a decline to the support area of $0.16.
IOTA (MIOTA) is approaching an important level
IOTA price has been rising since May 22. On the same day, it returned to the $0.18 horizontal area, which is now expected to serve as support.
Source: Trading View
If the growth continues, the next nearest resistance will be the level of $0.205. However, if the rally loses momentum, MIOTA could fall again to the $0.18 support area.
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