Over the past week, the market experienced volatility. Liquidations around key resistance and support levels caused this not only to Bitcoin but also across the altcoin market. This volatility led to a situation where the resistance levels became a point of a notable pullback, pushing the leading altcoins into a downturn. However, altcoins such as Render, Dogecoin, and Solana prices showed promising sentiment. Analysis suggests that these coins could potentially see renewed gains in the coming week.
Market Remains In A Stable Region
Several spot Bitcoin ETF submissions, along with recent applications by BlackRock and Fidelity for a spot Ethereum ETF, have maintained market stability due to the possibility of their approval.
Every time Bitcoin’s price struggles to rise above $38,000, there’s a noticeable increase in altcoin activity. Notably, the altcoin season index has recently experienced a significant rise, with its metric climbing from a low of 27 to 49. This indicates a growing market preference for altcoins over the past week.
Render (RNDR) Price Analysis
After 1.5 years, the price of RNDR broke through the $3.3 resistance level. However, it’s currently encountering slight resistance; however, it has rebounded from EMA20.
As buying pressure intensifies, buyers are aiming to reach the next resistance level. If they successfully counteract any profit-taking tendencies at $3.3, the RNDR price may potentially rise toward $4.3 next week.
Conversely, if bears succeed in pushing the price below the EMA 20 trend line at $2.9, the next critical support level could be near $2.
Dogecoin (DOGE) Price Analysis
Investors might be in an accumulation mode as the DOGE price makes a dip. Dogecoin was unable to maintain its position above $0.085, leading to a decline towards the 20-day EMA trend line.
The price dipped below the 20-day EMA due to bearish pressure, yet the presence of a long wick on the day’s candlestick indicates strong buying interest at lower levels. The bulls are expected to make another attempt to drive the price back up to $0.085, and a breakout above the upper trend line will send the price above $0.1.
Solana (SOL) Price Analysis
The $50 level is crucial for Solana in the coming week as bears aim for a steep decline. However, a rebound from that level might trigger a bullish comeback.
The buying momentum might soon emerge as bulls are preparing to defend the $50 level. A successful bounce will push the SOL price on a short-term rally next week, sending its price to $70. However, this level might witness a selloff, mirroring the previous trends.
If bulls fail to defend $50, sellers might plunge the SOL price and consolidate it within $40. This indicates that the current momentum is crucial for both buyers and sellers as it determines a crucial trend in the coming week.