The market is still waiting for a Bitcoin rally that has yet to arrive. Meanwhile, altcoins like $RNDR, $AVAX, and $PYTH are at crucial levels. Will they bounce back or continue to decline?
$RNDR Approaches Bounce Levels
Render ($RNDR) has fallen below its bull trend line, breaking strong support at $7. The price has now confirmed this level as resistance, dropping to $5.42, which aligns with the 0.618 Fibonacci level. This might offer some support and potentially lead to a bounce. If not, the next support is at $4.63.
$AVAX Nears Base Price Structure
Avalanche ($AVAX) risks falling back to its bull market base structure at $21, coinciding with the 0.786 Fibonacci level, a very strong support. Currently, $AVAX is holding at $25, a support level reinforced by breaking the downward trend line. The upcoming weekly close will be crucial for determining its direction.
$PYTH at a Double-Bottom
$PYTH experienced a significant price drop due to a recent token unlock. Currently, it is below the 0.786 Fibonacci level on the weekly time frame. However, the weekly close is pending, and $PYTH needs to climb above this level and break the downward trend line. A double bottom is forming, and a slight uptick from the stochastic RSI bottom suggests possible momentum. If the indicator continues to rise and another fakeout is avoided, $PYTH could see a recovery.