Altcoins
As the broader cryptocurrency markets decline, these 2 altcoins are bucking the trend
The cryptocurrency market started May on a high note, with the total market capitalization showing signs of growth. However, this momentum proved fleeting and the market was unable to surpass the $2.3 trillion mark.
This week, negative sentiment has consolidated, with outflows dominating the market and dragging prices lower.
has yet to regain its footing. After a failed attempt to break above the $65,000 resistance level, Bitcoin is currently stuck in a sideways trading pattern.
, on the other hand, didn’t fare much better. Rejected at $3,200, Ethereum retreated to its support zone, which has been under pressure since April.
Although the overall trend remains bearish, there are some bright spots. and continue to challenge broader market weakness and show independent price movements.
RNDR and TON challenge the broader direction of the market
The RNDR has been on a year-long uptrend, with only a brief correction between March and April. May saw a surge in demand which helped RNDR break free from this recent dip.
Technically, RNDR found support around $7.5 during its recent weakness. It quickly cleared the $9 resistance level, but is currently struggling to clear the second resistance near $10.7.
Indicators suggest that RNDR may be overbought in the short term, but remain oversold on the weekly plan. This suggests a potential pullback towards $9, followed by renewed buying pressure and a possible increase in volume.
If RNDR can hold above $9, it has the potential to break above the $10.7 resistance and rise towards the previous highs of $13.6, perhaps even reaching $15-17. However, a daily close below $9 could trigger a decline to the $6 support level.
Overall, RNDR represents a unique opportunity in this bear market. Remaining above $9, it could complete its current uptrend and reach new highs. Investors should be aware of potential near-term pullbacks and downside risks if support levels are breached.
Toncoin (TON)
Telegram Open Network (TON) has defied the bearish trend that also afflicts the cryptocurrency market. Supported by the popular messaging app Telegram, TON’s positive momentum stems from several factors.
These include expanding the usage area within Telegram, a growing ecosystem of projects on the TON Blockchain network, and adding support.
TON reached an all-time high of $7.66 last month, but corrected as investors cashed out, sending the price down to $4.8. May, however, brought renewed strength for TON, with the price currently facing resistance at $6.
Technically, a daily close above $6 could push TON towards resistance zones between $6.7 and $7.4 and potentially even $8. If the price falls below $5.7, the current bullish momentum could weaken, limiting the recovery potential.
A further decline could see TON test the $4.6 support level, which corresponds to the 3-month EMA.
Overall, TON’s resilience in a bear market is impressive. A breakout above $6 could unlock further gains, but investors should be aware of potential pullbacks and downside risks if support levels are breached.
Meanwhile, Ethereum remains stuck in a triangle pattern
Ethereum remains stuck in a descending triangle pattern, raising concerns about a potential price decline. The cryptocurrency found temporary support at $2,930 last week, but failed to break above $3,200 and started this week with a decline. 
If the coin falls below $2,900, it could signal a bearish breakout of the pattern, potentially pushing Ethereum as low as $2,600. Technical indicators also suggest selling pressure. Maintaining above $2,900 is crucial to avoid a steeper decline.
The $3,100-$3,150 range remains a significant resistance level for Ethereum. This month we will see decisions on Ethereum spot ETFs. Although the SEC currently appears reluctant to approve them, a surprise approval could lead to a price surge towards $3,600-3,800.
The lack of positive news could keep the Ethereum market dominated by sellers for a while. Ethereum faces a critical moment. Holding support above $2,900 is vital to avoid a deeper collapse. Positive developments or a surprise ETF approval could trigger an upside breakout, but the current outlook is bearish unless key support levels hold.
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Disclaimer: This article is written for informational purposes only; does not constitute a solicitation, offer, advice or recommendation to invest and as such does not intend to encourage the purchase of assets in any way. I would like to remind you that any type of asset is evaluated from multiple points of view and is highly risky and therefore any investment decision and the associated risk remain the responsibility of the investor.