Traders Target Render Token (RNDR) and Toncoin (TON) Amidst Fluctuating Crypto Trends: Key Insights and Strategies
Traders are closely watching the price movements of Render Token (RNDR) and Toncoin (TON) as the cryptocurrencies exhibit mixed trends, according to the latest analysis from altFINS. The firm’s experts have identified potential trade setups and patterns that could guide investors’ strategies.
What you'll learn 👉
Render Token: Potential Bounce at $6.00 Support
According to altFINS, Render Token’s trends are mixed. The token’s price faced rejection at the $13.00 resistance level and consolidated in a Falling Wedge pattern. Subsequently, it experienced a bearish breakout, suggesting a revisit to the $6.00 support area before potentially resuming its uptrend.
Source: altFINS – Start using it today
“We would be buyers on pullback near $6.00 support, with +30% potential upside to $8.00,” altFINS noted. “The Stop Loss level is set at $5.50, and traders should set a price alert.”
The Falling Wedge pattern typically forms after a downtrend and indicates a potential bullish reversal. Traders often wait for a completed pattern with a breakout before placing buy orders. However, swing traders may trade between the convergence lines before the breakout.
Notably, Render Token exhibits a downtrend on a short-term basis, a neutral trend on a medium-term basis, and an uptrend on a long-term basis. Moreover, its momentum is bearish, with the MACD Line below the MACD Signal Line and the RSI below 45.
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Show more +Toncoin: Channel Up Pattern Presents Opportunities
Meanwhile, Toncoin is trading in an uptrend, forming a Channel Up pattern. altFINS recommends waiting for trade entry opportunities on pullbacks near the channel support trendline of $6.00 and exiting near the channel resistance of $8.00.
Source: altFINS – Start using it today
“With emerging patterns like Channel Up, traders can initiate trades when the price fluctuates within its channel trendlines,” altFINS highlighted. “With complete patterns and a breakout, traders should initiate a trade when the price breaks through the channel’s trendlines, either on the upper or lower side.”
Toncoin exhibits an uptrend across all time horizons: short-, medium-, and long-term. However, its momentum is mixed, with the MACD Line below the MACD Signal Line (bearish) but the RSI above 55 (bullish).
The nearest support zone for Toncoin is $5.00 (previous resistance), followed by $3.50. Resistance levels are at $7.00 and $8.00.
As traders navigate the mixed trends, altFINS’ analysis provides valuable insights into potential trade setups and patterns for Render Token and Toncoin.
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