Altcoins
As Broader Crypto Markets Drop, These 2 Altcoins Are Bucking the Trend
The cryptocurrency market started May off with a bang, with the total market capitalization showing signs of growth. However, this momentum proved fleeting and the market failed to surpass the $2.3 trillion mark.
This week, negative sentiment solidified as capital outflows dominated the market and pushed prices lower.
has not yet regained its footing. After a failed attempt to breach the $65,000 resistance level, Bitcoin is currently stuck in a sideways trading pattern.
, on the other hand, doesn’t fare much better. Rejected at $3,200, Ethereum fell back into its support zone, under pressure since April.
Even if the general trend remains bearish, there are some positive points. and continue to challenge broader market weakness and exhibit independent price movements.
RNDR and TON challenge broader market direction
The RNDR has been on an upward trend for a year, with only a brief correction in March-April. May saw an increase in demand which helped RNDR break free from this recent decline.
Technically, RNDR found support around $7.5 during its recent weakness. It quickly rose above the $9 resistance level, but is currently struggling to breach the second resistance near $10.7.
Indicators suggest that RNDR may be overbought in the short term but remains oversold on a weekly basis. This points to a potential pullback towards $9, followed by further 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 climb towards its 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 presents a unique opportunity in this bear market. By staying above $9, it could complete its current uptrend and reach new highs. Investors should be aware of potential short-term pullbacks and downside risks if support levels are breached.
Toncoin (TON)
Telegram Open Network (TON) has also defied the downtrend plaguing the crypto market. Supported by the popular messaging app Telegram, TON’s positive momentum stems from several factors.
These include the expanding scope of use within Telegram, a growing ecosystem of projects on the TON Blockchain network and the addition of support.
TON hit an all-time high of $7.66 last month but saw a correction as investors cashed out, bringing the price down to $4.8. May, however, brought new strength to TON, with the price currently facing resistance at $6.
Technically, a daily close above $6 could propel 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.
Further decline could see TON test the $4.6 support level, which is the 3-month EMA value.
Overall, TON’s resilience in a bear market is impressive. A break 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 triangular pattern
Ethereum remains stuck in a descending triangle pattern, raising concerns about a possible 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 in the trend, potentially pushing Ethereum to $2,600. Technical indicators also suggest selling pressure. It is crucial to stay above $2,900 to avoid a deeper decline.
The $3,100 to $3,150 range remains an important resistance level for Ethereum. This month will see decisions on Ethereum spot ETFs. Although the SEC currently appears hesitant to approve them, a surprise approval could see prices rise towards $3,600-$3,800.
The lack of positive news could keep the Ethereum market dominated by sellers for some time. Ethereum is facing a critical moment. Maintaining support above $2,900 is essential to avoid a deeper fall. Positive developments or a surprise ETF approval could trigger a breakout higher, but the current outlook is bearish unless key support levels hold.
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Disclaimer: This article is written for informational purposes only; it does not constitute a solicitation, offer, advice or recommendation to invest as such and is not intended to encourage the purchase of any assets in any manner. I would like to remind you that any type of asset is evaluated from several points of view and is very risky and therefore any investment decision and the associated risk remains the responsibility of the investor.