In the cryptocurrency market, Bitcoin continues to lead a selling pressure, while a few altcoin projects keep emerging prominently. Telegram-backed Toncoin sees significant interest due to the Notcoin airdrop event, and the AI-focused altcoin project RNDR continues to gain momentum. Let’s explore what lies ahead for these altcoins.
Toncoin Technical Analysis
Toncoin (TON) is attempting to break above the immediate resistance of $7.23, but bears are holding their ground. A minor positive for the bulls is that they prevent the price from falling much below $7.23, increasing the likelihood of a breakout above this level. In such a case, the TON/USDT pair could challenge the resistance at $7.67.
Downward, the key support to watch is the moving averages. A break and close below this support could indicate that the pair might consolidate between $4.72 and $7.67 for a few days.
Both moving averages are trending upwards, and the RSI on the 4-hour chart is near the overbought territory, indicating that bulls have the upper hand. Buyers will try to push the price above $7.23 to strengthen their positions. Conversely, bears will attempt to pull the price below the EMA 20 average, and if they succeed, it would mean that bears are aggressively defending the overall resistance. The pair could then drop to the SMA 50 average.
Render Technical Analysis
Render (RNDR) signaled the end of a correction phase by moving above the moving averages on May 5th. Bears are trying to halt the recovery near the overall resistance of $12, but bulls are not yielding much ground. This indicates that dips are being bought. The moving averages have completed a bullish crossover, and the RSI is in the positive zone, showing that bulls are in control.
If the price rises from the current level or returns to the 20-day EMA at $9.59, it could increase the likelihood of a rise above $12. The RNDR/USDT pair could then climb to $13.83. A decline in price and a break below the moving averages would invalidate this optimistic view in the near term.
Bears are trying to push the pair below the EMA 20 average, and if successful, the short-term bullish momentum could weaken, and the pair might drop to the SMA 50 average. This level might attract buyers, but any rise could face selling at the EMA 20 average. If the SMA 50 is breached, the next stop could likely be around $9.50. Buyers will need to defend the EMA 20 average and push the price above the $12 resistance to sustain their assets.
