Altcoins
Top Altcoins to Hit All-Time Highs This Week
Bitcoin surged nearly $66,000 on Wednesday, driving cryptocurrency prices higher. The increase follows April’s CPI report, which showed a moderation in core inflation and a larger-than-expected cooling in retail sales. With the BTC price now gaining confidence, several altcoins are preparing for an uptrend this week, potentially challenging their previous ATH.
BTC market prepares for a downturn
Bitcoin price stabilized slightly above the crucial $66,000 support level with crypto traders confident in its strength. However, some traders are concerned about the likelihood of a significant correction in the coming days due to potential selling around resistance channels.
Read also : Top Crypto Events to Watch Next Week: Binance vs Nigeria, Ethereum ETF Decision and Crypto Bill
This could lead to a significant increase in interest in the altcoin market this week, potentially pushing several altcoins to new highs.
Pepe Price Analysis
Pepe price is under increased bearish pressure following a selloff at the recent all-time high of $0.00001156. Price falls below the EMA20 trendline, signaling a potential trend change. Currently, Pepe is trading at $0.000009432, reflecting a decline of over 6.4% in the last 24 hours.
The buyers are trying to keep the price above the 20-day EMA ($0.00000958). If they succeed, the PEPE/USDT pair could rally back to $0.000011. This level is critical for bears to defend, as a rally beyond this level could lead to an increase towards the ATH.
On the other hand, a breakout and close below the $0.0000091 support level would confirm a downtrend, potentially pushing the pair towards the strong support of $0.0000055. With the RSI falling sharply below the midline, the bears currently have an advantage to dominate the price chart.
Rendering price analysis
Bulls are struggling to sustain RNDR price above the 20-day EMA, currently at $10.2, indicating continued pressure from the bears. However, Render price continues to maintain its buying demand above Fib levels. At the time of writing, RNDR price is trading at $10.6, up over 5.4% in the last 24 hours.
The 20-day EMA is rising and the RSI is heading towards the overbought region, suggesting that the RNDR could see upward movement for several more days. If buyers manage to hold the price above the descending resistance line, the RNDR/USDT pair could potentially move towards the 50-day SMA at $11.4. This level may pose significant resistance, but surpassing it could send the price to a new ATH this week.
Conversely, a reversal from the 50-day SMA would indicate that the bears are dominating the higher price levels. As a result, the pair could decline to a crucial support level of $9.5.
Bonk price analysis
The price of Bonk has seen a significant increase recently, potentially testing buyers’ patience. Despite this rise, bears maintain a strong presence around the $0.000028 mark. Currently, Bonk price is trading at $0.000028, up over 12.5% in the last 24 hours.
The buyers are working to keep the price above the 20-day exponential moving average (EMA) of $0.0000265. If successful, the BONK/USDT pair could move towards the 50-day simple moving average (SMA). This level is critical for bears to defend, as surpassing it could lead to an increase towards a new ATH of $0.00005.
On the other hand, if the price declines and stabilizes below $0.0000237, it would indicate a downtrend. This could cause the pair to fall to the strong support level of $0.00002.