The current downward momentum has raised concerns in the crypto market, making the maintenance of an upward trend for altcoins increasingly dependent on market demand and upcoming network development events.
Below are three notable altcoins this week. These altcoins are preparing for important events that could significantly impact their price volatility.
Render (RNDR)
Render's price is currently struggling around the support level of $9.88 – a critical level to maintain the recent upward trend. If it successfully closes above this level, the price will continue to maintain an upward trend and aim for the next resistance at $11.32. Otherwise, RNDR may correct downward.
Render Network has just completed the initial voting for three important proposals: RNP-016, RNP-017, and RNP-018. The final voting for these proposals will begin this Wednesday, attracting significant attention from investors, which will help maintain an optimistic sentiment towards RNDR, contributing to a short-term price increase.
RNDR Price Chart
However, if general market conditions turn bearish, Render Network risks sliding down to $8.59. Falling below this support level would invalidate the current bullish outlook and lead to a deeper downward trend, especially if market sentiment worsens.
EigenLayer (EIGEN)
Another notable altcoin this week is the native token of EigenLayer. EIGEN's price recently reached a new all-time high of $5.06, marking the first major peak in over two months. Currently, this token is trading at $4.78, indicating strong upward momentum.
The upcoming Rewards V2 upgrade of EigenLayer is expected to bring significant improvements. Aiming to enhance flexibility, efficiency, and customization within the ecosystem, the protocol upgrade is attracting considerable attention from investors. As the first EigenLayer Improvement Proposal (ELIP) using the EigenLayer governance process, this is an important milestone for the network.
EIGEN Price Chart
Based on expectations for the upcoming Rewards V2 upgrade, EIGEN's price may increase significantly. However, if this altcoin cannot surpass the ATH of $5.06, it may consolidate within the range of $4.45 to the previous highs. Such a scenario would suggest a pause before a potential breakout or further retreat.
Floki (FLOKI)
FLOKI is currently testing the support level of $0.00025, aiming to hold this price level to maintain the recent gains. If it successfully holds the support level, the price may rise to $0.00027, further reinforcing bullish momentum.
Investor sentiment towards FLOKI remains strong, especially with the upcoming airdrop of Wise Monkey (MONKY) organized by OKX. The distribution rate is 0.35 MONKY for 1 FLOKI held. This potential catalyst has generated significant interest, as many investors are holding FLOKI in anticipation of the airdrop. This could push the price higher.
FLOKI Price Chart
However, FLOKI's price faces downward pressure if it cannot maintain the support level of $0.00025. A break below this level could bring it down to $0.00021, erasing recent gains. Such a scenario would invalidate bullish prospects, as this token may enter a prolonged consolidation phase or decline further.