Bitcoin Relief Rally Could Trigger Interest in MKR, AAVE, RUNE, and RNDR
After forming successive Doji candlestick patterns on the weekly chart for the past three weeks, Bitcoin (BTC) is showing signs of a relief rally. This could potentially spark interest in altcoins such as Maker (MKR), Aave (AAVE), THORChain (RUNE), and Render (RNDR).
Bitcoin’s recovery from strong support near $24,800 has led to increased buying interest in select altcoins. However, for these altcoins to continue their upward trajectory, Bitcoin needs to maintain a price above $26,500.
Bitcoin Price Analysis:
– Bitcoin has risen above the 20-day exponential moving average ($26,303), indicating reduced selling pressure.
– The next target for Bitcoin is the 50-day simple moving average ($27,295), followed by $28,143.
– Bears will attempt to sink the price below the 20-day EMA to maintain control and potentially retest support at $24,800.
Maker Price Analysis:
– Buyers have pushed Maker (MKR) above the 50-day SMA ($1,162), signaling a potential shift in control.
– MKR is heading towards $1,370, with a potential break above this level leading to further gains towards $1,759.
– The 20-day EMA ($1,162) is a crucial support level to watch, as a break below it could result in a range-bound movement between $980 and $1,370.
Aave Price Analysis:
– Aave (AAVE) has surged above the moving averages, indicating bullish momentum.
– The resistance at $63 is a key level to watch, with a break above it potentially leading to gains towards $70 and $76.
– The 20-day EMA ($56) is an important support level, and a break below it could indicate bearish pressure.
THORChain Price Analysis:
– THORChain (RUNE) has seen a recovery, but faces strong resistance at $2.
– A sharp downturn from $2 could indicate bearish pressure and a potential drop to the 20-day EMA ($1.62).
– If $2 is surpassed, the next targets for RUNE are $2.30 and $2.80.
Render Price Analysis:
– Render (RNDR) has broken above the 50-day SMA ($1.58), suggesting reduced selling pressure.
– The moving averages are on the verge of a bullish crossover, indicating a potential recovery towards $1.83 and $2.20.
– The 20-day EMA ($1.50) is a key support level, and a bounce from this level could signal a buying opportunity.
In summary, Bitcoin’s relief rally could lead to increased interest in altcoins such as MKR, AAVE, RUNE, and RNDR. However, it is important to conduct thorough research and consider the risks involved before making any investment decisions.