Bitcoin (BTC) and altcoins are currently on the rebound after Tuesday’s dip. Render (RNDR) and Injective Protocol (INJ) are among the top altcoins that are seeing the biggest bounces.
As Fed Chair Powell’s speech draws nearer on Wednesday, Bitcoin and altcoins are starting to stage somewhat of a recovery. Both Render and Injective Protocol are top-50 altcoins as regards market capitalization rankings, but perhaps these positions (34, and 43 respectively) bely their potential and strong use cases.
Whether these bounces are sustained may depend on what is said by Powell in his speech today. But in general, after Tuesday’s dip, a lot of the altcoins were pretty much primed for this bounce, and Render and Injective Protocol look to be among the strongest bets.
$RNDR breakout soon to take place
Source: TradingView
In the very short time frame of the hourly, $RNDR has failed to break through the down-sloping trend line. However, if the price can hold above $8.60, this is quite a good level to flip into support and it wouldn’t be long before the breakout takes place.
$RNDR outperforming $BTC
Source: TradingView
However, the really telling chart for $RNDR is when you compare it with $BTC. There are only a handful of altcoins that have outperformed $BTC over the last 18 months, and $RNDR is one of them. The uptrend has been in place since mid-2022, and has accelerated since the beginning of 2023.
$INJ at resistance
Injective experienced a meteoric ascent from January 2023 through to early March this year, and the $INJ price registered an amazing 4380% against the US dollar.
Source: TradingView
However, apart from this spectacular spurt, the $INJ price has generally been going sideways since the beginning of 2024, and a step down was taken in April that the price has still not recovered from. As can be seen on the above chart, the price is right now at the resistance level of this step and will need to break back above in order to continue higher.
$INJ uptrend against $BTC needs to get back on track
Source: TradingView
Like $RNDR, it can be said that $INJ is still in an uptrend against $BTC since the beginning of 2023. However, the trend line was broken in April this year and the $INJ price will need to get back above this, plus the resistance at 0.00043 sats. Also, $INJ suffered a very severe 70% correction against $BTC, while that of $RNDR was rather less, at 50%.
Are your altcoins outperforming $BTC?
One thing that is very important to take into consideration when holding any altcoins over the longer term, is to always check if they are outperforming Bitcoin. If the answer is no, then the question is is it worth holding that altcoin?
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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