$RNDR, $AVAX, and $PYTH, are three top altcoins that are at critical levels. The market is still waiting for a Bitcoin rally, which has still not arrived. Will these altcoins be able to bounce, or are they about to take the plunge?
$RNDR approaches bounce levels
Source: TradingView
Render ($RNDR) has already broken down through its bull trend line, which also marked strong support at $7. The price has confirmed this level as resistance, and has plunged further down to reach a modicum of support at $5.42. This also happens to be the 0.618 fibonacci level, so the price might be expected to hold, and then bounce from here. If it fails to do so, the support at $4.63 awaits below.
$AVAX almost back to its base price structure
Source: TradingView
The $AVAX price is in danger of falling all the way back to its bull market base structure at $21. This is also the level of the 0.786 fibonacci, so it would be extremely strong support. That said, there is still a chance that the current price level holds at $25. This is a support level, plus the price has broken through the downward trend line which now supports it. The weekly close will be critical.
$PYTH at a double-bottom
Source: TradingView
$PYTH had a huge token unlock a while ago, and this has helped to bring the price down heavily. As things stand, the price is below the 0.786 fibonacci on the weekly time frame. That said, the weekly close has still not taken place, and the $PYTH price will need to get above this level and also break through the downward trend line.
In its favour, a double bottom is presenting itself, plus there is a tentative tick up from the bottom of the stochastic RSI. This indicator can bring huge momentum back into the price if it continues to cross back up and another fakeout (as took place in June) is avoided.
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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