Altcoins
Top altcoins will hit all-time highs this week
Bitcoin rose near $66,000 on Wednesday, leading the surge in cryptocurrency prices. This increase followed April’s CPI report, which pointed to moderation in core inflation and a larger-than-expected cooling in retail sales. As BTC price is now gaining confidence, several altcoins are gearing up for a skyrocketing trend this week, potentially challenging their previous ATH.
The BTC market is preparing for a pullback
Bitcoin price has settled slightly above the crucial $66,000 support level, with cryptocurrency traders confident in its strength. However, some traders fear the likelihood of a significant correction in the coming days due to a potential sell-off around resistance channels.
Read also: Top Crypto Events to Watch Next Week: Binance vs. Nigeria, Decision on Ethereum ETF and Crypto Bill
This could lead to a significant increase in interest in the altcoin market this week, potentially pushing several altcoins to new highs.
Pepe price analysis
Pepe price is experiencing more bearish pressure following a sell-off to the recent all-time high of $0.00001156. The price is falling below the EMA20 trend line, signaling a potential trend change. Pepe is currently trading at $0.000009432, reflecting a decline of over 6.4% over the past 24 hours.
Buyers are trying to hold the price above the 20-day EMA ($0.00000958). If successful, the PEPE/USDT pair could fall back to $0.000011. This level is crucial for bears to defend because a rally beyond it could lead to a rise towards the ATH.
On the other hand, a break and close below the $0.0000091 support level would confirm a bearish pattern, potentially pushing the pair towards the strong support at $0.0000055. With the RSI dropping sharply below the midline, bears currently have an advantage in dominating the price chart.
Rendering price analysis
The bulls are struggling to hold the RNDR price above the 20-day EMA, currently at $10.2, indicating continued pressure from the bears. However, Render price continues to maintain buying demand above Fibonacci levels. As of this writing, RNDR price is trading at $10.6, up more than 5.4% in the past 24 hours.
The 20-day EMA is trending higher and the RSI is heading towards the overbought region, suggesting that the RNDR may experience a bullish movement for several more days. If buyers can hold the price above the descending resistance line, the RNDR/USDT pair can potentially move towards the 50-day SMA at $11.4. This level could represent significant resistance, but breaking above it could send the price towards the new ATH this week.
Conversely, a reversal from the 50-day SMA would indicate that bears dominate higher price levels. As a result, the pair may drop towards a crucial $9.5 support level.
Analysis of bank prices
Bonk’s price has seen a significant increase recently, potentially testing buyers’ patience. Despite this surge, the bears maintain a strong presence around the $0.000028 mark. Currently, Bonk price is trading at $0.000028, marking an increase of more than 12.5% in the last 24 hours.
Buyers are working to keep the price above the 20-day exponential moving average (EMA) of $0.0000265. If successful, the BONK/USDT pair could advance towards the 50-day simple moving average (SMA). This level is crucial for bears to defend, as breaking above it could lead to a rise towards a new ATH of $0.00005.
On the other hand, if the price drops and stabilizes below $0.0000237, it would indicate a bearish trend. This could lead the pair to fall to the strong support level of $0.00002.