Market dynamics continue to change rapidly in the ever-evolving world of crypto money. Some analysts, especially for four altcoins, announced that they expected a decline. Here are the details…
Altcoin RNDR loses momentum after rally
According to analyst Lockridge Okoth, Render (RNDR) has been on a steady recovery rally for about two months now and is witnessing higher highs and higher lows. However, there are signs that the uptrend may be running out of steam. The Relative Strength Index (RSI) is approaching its multi-month peak, which has historically led to pullbacks. Investors entering at lower levels may consider taking early profits.
If sellers take control, RNDR could break key support levels and potentially start a new downtrend. Despite these warning signs, technical indicators such as the RSI and Awesome Oscillator (AO) still favor the bulls. A solid break above $2,250 could invalidate the bearish view, but cautious investors may want to wait for confirmation above the $2,500 psychological level.
Downtrend warning for AAVE
On the other hand, decentralized finance (DeFi) darling AAVE is showing signs of a potential downtrend, according to analyst Akash Girimath. After a significant rally, AAVE produced lower lows and lower highs suggesting that the bears were taking control. If investors start booking profits, AAVE could revisit the $57.40 support levels and decline as low as $54.10 and $51.39 if the bulls fail to regain control. A daily close above $67.17 could reverse this trend and trigger a new uptrend.
There is uncertainty in LOOM price
Loom Network (LOOM) is a low-cap altcoin that has recently experienced triple-digit price growth. However, Altcoin Sherpa, a leading crypto analyst, warns that LOOM may be on a downward path. Although LOOM showed a significant increase from the $0.0462 high to $0.407, it is considered to lack support. LOOM’s current price is around $0.179, reflecting a 287% gain from the September 19 price.
Will resistance last for Litecoin?
Litecoin (LTC) is facing a persistent downtrend forming a strong resistance trend line and lower highs throughout 2023. However, recent price action points to a potential reversal with LTC finding support near $60. The 50-day Exponential Moving Average (EMA) has rejected multiple breakout attempts, delaying a significant upward move. The recent rejection of the 50-day EMA maintains pressure on LTC, indicating a new negative cycle. At the time of writing, LTC is trading at $60.77 and there is little chance of a reversal as buyers attempt to establish dominance above the $60 support zone.
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