Crypto analyst Aaryamann Shrivastava says that while its price dropped 10% in 24 hours, FTM whales are pulling back. According to analyst Filip L, the leading altcoin is under pressure from global troubles. Also, the analyst assesses that the AGIX price will drop by 10%. Finally, the analyst expects a step back in RNDR.
Phantom plunges to lowest level in four months
The altcoin price has dropped nearly 10% over the past 24 hours to $0.328. This move comes after Bitcoin, which is currently trading below the $27,000 level. Market-wide corrections intensified after the Fed’s latest meeting minutes.
While broader market bullish signs could serve as a potential trigger for recovery, Fantom may find some resistance as it sees no support from altcoin investors. FTM holders’ engagement fell to a two-year low as active addresses dropped to an average of 200. This means that only 0.21% of all FTM holders transact on the network. But even among these 200 investors, there are very few whale addresses.
Groups that typically trade $100,000 or more tend to have a significant impact on the asset’s price action. In moments of decline, the activities of these investors serve as a signal for recovery. But since the end of April, their assets have decreased significantly. The average volume of large transactions from whales and larger wallet holders fell from $9 million to $1 million and below within a month.
The reason why the activity of phantom whales is more important to FTM price action is because whales control most of the circulating supply. About 76.82% (1.64 billion) of all FTM is in whale wallets. This makes their movements very important for price action.
So unless this group joins the network, FTM price will have a hard time marking a sharp recovery. However, if this decline continues, it probably won’t take long for the altcoin to drop to the $0.294 support level.
Leading altcoin under pressure from global troubles in markets!
cryptocoin.comAs you follow, Ethereum price dropped quite dramatically along with European stocks on Wednesday after comments emerged that the US debt ceiling debate was not going as smoothly as thought. Added to this was the increase in inflation concerns that could force the Fed to raise interest rates again, and US stocks began to take a step back. Cryptocurrencies did not stand much against this framework. Thus, they acted together for the lower journey.
ETH has already lost 2% on the day. The altcoin is currently testing support at the green ascending trendline. Once the level hits $1,815, it is possible to see a quick nose move that will easily drop below $1,800. The best guess is that $1,740 could stop the decline, while $1,690 would make more sense as a historically significant level. This event will set a new low for April and May in the process.
A simple bounce from the uptrend line will likely help the altcoin gain value again. A quick return to $1,875 will make the bulls consider whether to try to move above the 55-day Simple Moving Average. If the bulls can make it through and break above $1,882, expect to see a rise to $1,930 next week.
AGIX price sees triple support in this range
SingularityNET has been under pressure from bears who have trapped price action in a solid downtrend since mid-May. However, the bears will soon encounter some elements of support. Because a triple support element will appear soon. First, the 200-day Simple Moving Average (SMA) needs to be broken near $0.25. Once that happens, the bears will head towards $0.24 as the long-term ascending trendline and monthly S2 support kick in. Until then, the Relative Strength Index (RSI) will be in or around the oversold zone. Thus, the bears will fall into the trap once they reach $0.23.
The bulls will watch for an easy break of the red descending trendline. If the 200-day SMA already provides enough support and pulls the price action up again, a break of this trendline will have many bulls flocking to the trade. In this case, AGIX will be ready to rally towards $0.32 and take a 25% gain.
This altcoin will take a small step back before it rises again
The render price has seen a massive 186% price increase since the beginning of April. The Relative Strength Index (RSI) has spent more time in the overbought zone than in the oversold zone during this period. So it’s not unusual for this to happen. After hitting the $2.80 cap on this rally, it looks like it’s time to take a cold shower once again. It is possible for RNDR to find initial support at this time of cooling around $2.45 with a very thin ascending trendline (orange). However, it is in a very fragile condition as it has been broken before. Instead, look for $2.19 as a very solid entry level as it acts as a key price during the rally. This means that there will be a decrease of roughly 15%.
The RSI has already turned bearish, driven by the sell-off on Wednesday morning. It’s possible that this is enough to make the RSI neutral around 50. This would be in line with a simple bounce from the nearby ascending trendline.
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