From the monthly chart of Bitcoin, its market share recently fell below the 5-day moving average for the first time, forming an engulfing top pattern. This pattern usually indicates a change in market sentiment and may suggest that the bullish market for Bitcoin is nearing its end.
The continuous upward trend of Bitcoin since 2018, especially the strong bull market over the past two years, may stall due to an overall market adjustment. This change in trend signals that the market may experience some pullback.
Nonetheless, Bitcoin has not completely lost its appeal, and may still attract funds in the short term, but overall, investors should remain vigilant about short-term risks.
Opportunities in altcoins
In the event that Bitcoin faces a correction, the performance of altcoins, especially Ethereum and some potential altcoins, may differ significantly. Ethereum currently appears to have strong upward momentum, with the expectation of breaking historical highs in the next two months. Once it breaks through, ETH's price may double again in a short period.
Four 100x cryptocurrencies expected to explode in the coming months could become new engines for market surges!
XLM
Stellar (XLM) currently emits strong buy signals on key technical indicators, providing traders and investors with an extremely attractive opportunity.
While the market's average 12-hour RSI is 68.09, close to overbought conditions, XLM's 12-hour RSI is slightly lower at 64.97.
This indicates that bullish momentum has not yet entered the overbought territory, leaving room for further increases. In addition, the recent price retracement of 6.06% offers an attractive entry point as XLM shows signs of recovery potential.
Technical indicators strongly support the bullish outlook for XLM. The moving average dashboard presents overwhelmingly positive values, with 13 out of 15 key indicators (including all major timeframes' EMA and SMA) suggesting buy.
These indicators highlight the ongoing upward momentum and strong support levels, suggesting that recent pullbacks are temporary. Additionally, MACD levels confirm buy signals, reflecting increased bullish momentum, while other oscillating indicators remain neutral, indicating overall trend stability.
For traders and investors, XLM offers an attractive risk-reward ratio. The temporary price pullback, combined with strong support from moving averages and RSI levels, indicates further upside potential, suggesting that Stellar is poised for a rebound.
TRX
Tron (TRX) currently presents an attractive buying opportunity, with bullish technical indicators and stable price movements supporting it as a reliable choice for traders and investors.
The 12-hour RSI is 60.23, below the market average RSI of 68.09, indicating that TRX remains in a strong position, with further upside potential before reaching overbought levels.
Although the price change in the last 12 hours was only 0.07%, this stability reflects resilience, providing an attractive entry point for buyers anticipating a breakout.
Moving averages provide particularly strong bullish signals, with all key EMA and SMA across short-term and long-term timeframes showing buy recommendations.
This highlights ongoing upward momentum and strong price support across multiple trading periods. Additionally, momentum oscillators (such as the Awesome Oscillator and Momentum) also confirm the continued growth of bullish sentiment, indicating that the current price trend is moving towards a potential upward trend.
For traders and investors, TRX's stable RSI levels, strong moving average signals, and supportive momentum indicators make it a good buying choice. The technical setup indicates that TRX is poised to capitalize on market momentum, offering both short-term gains and medium-term growth potential.
Render
After the price of Render reached $6.09 for several months, the stock price rose 18% from the peak in October 2024, followed by a breakout. After breaking through the resistance level of $7.05, RNDR experienced significant volatility.
Notably, during the bull market in November, more investors entered the Render market, helping to support its position as one of the most attractive altcoins to buy currently.
Market experts indicate that RNDR may soon set a new high above $13.01. This move seems likely to occur, as many industry leaders have turned to RNDR during the current market uptrend. The growing demand for AI-generated media visuals also supports the upward momentum and trend reversal of RNDR.
As of November 28, 2024, RNDR's valuation is $8.21, having risen 15.66% over the past week. Market experts believe that due to RNDR breaking through the resistance zone of $7.51 to $7.72, its target price for December could reach $10.25 due to increased adoption. However, investors are also buying DTX as it has significant growth potential in this bull market.
APE
The Bored Ape Yacht Club (BAYC) ecosystem token rose 13.6% last week.
Following the overall market trend, APE began to recover on November 27. Interestingly, as of November 29, APE has risen 11%, breaking through the upper trend line of a five-week symmetrical triangle, maintaining bullish momentum.
As of the close of this week, APE retraced to retest the downward trend line, touching the support level of $1.380. However, bulls showed strength, reigniting the upward momentum, allowing the asset to close this week at $1.50.
After that, APE dropped below $1.50, with an RSI of 69, still close to the overbought area. This week, bulls must defend the $1.30 area to maintain the symmetrical triangle. A drop back into the triangle may indicate a shift in momentum to bearish.
Yuga Labs is the team behind the BAYC and Mutant Ape Yacht Club (MAYC) NFT series, which created APE.
It is reported that APE will unlock 15.6 million tokens on December 17.
