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Bullish posturing is taking place across the crypto market. Bitcoin is getting ready to take off, and the altcoins are preparing to follow. $RENDER, $INJ, $BNB, and $RUNE are among the top altcoins primed to break out.
The whole crypto market is on the verge of an important breakout that has the potential to reverse the current down trend. Bitcoin is in a bullish ascending triangle, ready to explode higher. What will the rest of the crypto market do? If Bitcoin heads higher, the altcoins will follow, and some will surpass the king of the cryptocurrencies.
$RENDER begins its recovery
Source: TradingView
Just as in the last bear market, the $RENDER price has suffered a huge reversal over this last relatively long crypto correctional phase. From 20 May, the $RENDER price dived more than 70%, and if this correction is taken from the 11 March top, it would be a 75% reversal.
However, things are beginning to change. Up against some horizontal resistance right now, and also approaching the downward trend line, the $RENDER price is nearing a potential breakout. The cross up on the Stochastic RSI at the bottom of the chart presages the arrival of some possible huge momentum to the upside.
The fibonacci lines for this area of price action show confluence at $9.93 (0.618), and $11.70 (0.786). These would be targets should the price break out.
$INJ possible breakout to $32
Source: TradingView
The $INJ price looks to have found strong support at the $17.50 horizontal level. It now remains for the price to move upward and break through the downward trend line. Strong resistance can be found at $32.
The weekly Stochastic RSI is shaping to cross upwards. This is above the 20 line, and so if this is confirmed by the end of the week, this would be extremely bullish.
$BNB possible $1,000 price target
Source: TradingView
The $BNB price has already recovered hugely from the Japanese stock market crash. Up 44% from its big dip, the $BNB price looks to be breaking out of the triangle pattern, and has reached the top of the bull flag/channel. Once again, the Stochastic RSI is signalling a change in momentum to the upside.
Be it based on the bull flag, triangle, or the fibonacci levels, the upside target for all of these is at around $900 to $1,000.
$RUNE breakout imminent
Source: TradingView
Of the four altcoins analysed in this article, $RUNE is probably nearest to breakout. A big resistance at the current price is facing $RUNE right now. Should $RUNE be able to get above this $4.20 level, it would have also broken through the downward trend line.
A cross up on the Stochastic RSI, which as for the $INJ price, is above the 20 level, would likely signal a significant amount of upward momentum. $5.96, $8,00, and $9.57 are upside targets.
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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