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Altcoin Analysis: RNDR, AVAX, and PYTH at Critical Levels
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Altcoin Analysis: RNDR, AVAX, and PYTH at Critical Levels
Market Waiting for Bitcoin Rally
The market is still waiting for a Bitcoin rally that has yet to arrive. Meanwhile, altcoins like RNDR, AVAX, and PYTH are at crucial levels. Will they bounce back or continue to decline?
RNDR Approaches Bounce Levels
Render (RNDR) has fallen below its bull trend line, breaking strong support at $7. The price has now confirmed this level as resistance, dropping to $5.42, which aligns with the 0.618 Fibonacci level. This might offer some support and potentially lead to a bounce. If not, the next support is at $4.63.
AVAX Nears Base Price Structure
Avalanche (AVAX) risks falling back to its bull market base structure at $21, coinciding with the 0.786 Fibonacci level, a very strong support. Currently, AVAX is holding at $25, a support level reinforced by breaking the downward trend line. The upcoming weekly close will be crucial for determining its direction.
PYTH at a Double-Bottom
PYTH experienced a significant price drop due to a recent token unlock. Currently, it is below the 0.786 Fibonacci level on the weekly time frame. However, the weekly close is pending, and PYTH needs to climb above this level and break the downward trend line. A double bottom is forming, and a slight uptick from the stochastic RSI bottom suggests possible momentum. If the indicator continues to rise and another fakeout is avoided, PYTH could see a recovery.