Both $AVAX and $RENDER are following Bitcoin’s lead by being in the green on Monday. Can both of these altcoins continue to copy Bitcoin by getting back to their all-time highs?
Total3 altcoin market cap continues to recover
Source: TradingView
First of all, in order to see how altcoins are doing generally, it is good to look at the Total3 chart. This tracks the combined market cap of all cryptocurrencies, excluding $BTC and $ETH. The chart shows that after a big 26% retracement, the altcoin market cap is once more heading skywards.
The horizontal resistances at $1.05 trillion and $1.13 trillion are still to be overcome, but if one looks at the bottom of the chart, the Stochastic RSI momentum indicator is showing a potential cross back up, leading to the big momentum needed to break these resistances. This cross up will be confirmed or not at the end of the week.
$AVAX bulls have much to do
Source: TradingView
Looking at the weekly chart for $AVAX, besides seeing that the price has broken out of the long downtrend and has confirmed the break, this chart does not read well. If we are entering the final stage of the bull market, one would expect $AVAX to be somewhere near its previous all-time high, rather than 70% away from it.
A higher high is of the utmost importance for $AVAX bulls to achieve as an absolute minimum. That said, in their favour is the possibility that the weekly Stochastic RSI is shaping to cross back up, bringing plenty of momentum under the price.
$RENDER surge has potential
Source: TradingView
Up more than 5% on Monday so far, the $RENDER price is heading back to its all-time high, and unlike as for $AVAX, it may get back there. This is a much better looking chart, and it can be seen that the 0.618 and 0.786 Fibonacci levels are very obtainable, at $9.86, and $11.60 respectively.
Weekly Stochastic RSI positive across crypto
One thing that all three charts have in common is the Stochastic RSI, for all of them this indicator on the weekly is showing a potential cross up. If you throw into the mix that this is also the case for Bitcoin, a strong rally across the board for crypto could be on the cards soon.
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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