Render Token (RNDR) Price Leads Bullish Altcoin Gainers
The RNDR price has moved upward since the start of the year. On May 11, it bounced after a low of $1.62 and accelerated its rate of increase. This led to a new yearly high of $2.95 on May 21.
After a brief drop, the price regained its footing, and it is now making another attempt at reaching a new yearly high.
According to the wave count, the price can reach a high of $3.33 before falling. By studying recurring long-term price patterns and investor psychology, technical analysts utilize the Elliott Wave theory to ascertain the trend’s direction.
Kava (KAVA) Price Attempts to Clear Resistance
The KAVA price has increased rapidly since a low of $0.66 on May 8. The upward movement accelerated on May 23, leading to a high of $1.55 the same day, causing a breakout from the $1.10 resistance area.
However, the increase could not be sustained, and the price is back at the $1.10 horizontal area, seemingly validating it as support.
Whether KAVA breaks down or bounces could determine the future trend.
TRON (TRX) Price Clears Major Resistance
The TRX price has been increasing since March 11. While the price initially struggled to clear the $0.071 area, it was finally successful in doing so on May 20.
SingularityNET (AGIX) Price Bounces at Support of Corrective Pattern
The AGIX price has decreased inside a descending parallel channel since February 8. The descending parallel channel is considered a corrective pattern. Therefore, a breakout from it is the most likely scenario.
On May 12, the price bounced at a confluence of support levels (green icon), created by the channel’s support line and the $0.23 support area.
IOTA Price Marches Towards Resistance
The IOTA price has increased since May 22. The same day, it reclaimed the $0.18 horizontal area, which is now expected to provide support.
If the increase continues, the next closest resistance will be at $0.205. However, if the rally loses momentum, IOTA could drop to the $0.18 support area again.