Altcoins
Top Altcoins Set for a Sharp Drop Next Week
With the price of Bitcoin crossing the $67,000 mark, overall market sentiment shows a potential surge ahead for altcoins. However, weakness in some altcoins warns of an extended correction in the coming week.
Furthermore, as the price of Bitcoin may soon face resistance near $70,000, these altcoins may experience a sharp decline. With crucial support levels under tension, collateral traders may find a selling opportunity in these altcoins.
Let’s take a closer look at their pricing analysis for a better understanding.
Weakness in the HBAR (HBAR) warns of a collapse to $0.10
With an uptrend on the weekly chart, the ascending channel shows an increase in underlying demand for HBAR tokens. However, increased price rejection in recent candles warns of a reversal.
Furthermore, the downward trend in trading volume during the recovery reflects underlying weakness. Therefore, the bullish trend may soon fade due to the increase in supply and crash into the support trend line.
Therefore, HBAR price may soon collapse below the psychological limit of $0.10.
BEAM Price vs. Resistance trend line
With a bearish trend in motion, BEAM price action displays a long-standing descending channel. Furthermore, with the recent comeback, altcoin has challenged the general resistance trend line.
When approaching the trend line, higher price rejection and bearish candles warn of a reversal. If supply pressure increases, BEAM price may collapse to the descending support trend line at $0.0015 if the $0.0020 support breaks.
Render (RNDR) Retests fights under high supply conditions
With the RNDR token showing a bullish breakout of the $10 neckline, the ongoing retest of the breakout offers an entry opportunity. However, rising supply and the recent bearish candle warn of a collapse.
Furthermore, the rising supply highlights the 23.60% Fibonacci level. The declining trading volume reflects a lack of bullish commitment.
In a bearish case, a fall below $10 will cause the Render token to fall to $7.