Markets
As Broader Crypto Markets Head Down, These Two Altcoins Are Bucking the Trend
The cryptocurrency market started May with a flourish, with the total market capitalization showing signs of growth. However, this boost proved to be temporary and the market was unable to surpass the 2.3 billion dollar mark.
This week, negative sentiment solidified, with outflows dominating the market and dragging prices down.
has not yet regained its balance. After a failed attempt to break the $65,000 resistance level, Bitcoin is currently stuck in a sideways trading pattern.
, on the other hand, didn’t fare much better. Rejected at $3,200, Ethereum retreated to its support zone, which has been under pressure since April.
While the overall trend remains bearish, there are some bright spots. and continue to defy broader market weakness and exhibit independent price movements.
RNDR and TON challenge broader market direction
The RNDR has been trending upward for a year, with only a brief correction in March-April. May saw a surge in demand that helped RNDR break free from this recent slump.
Technically, RNDR found support around $7.5 during its recent weakness. It quickly surpassed the $9 resistance level but is currently struggling to break the second resistance near $10.7.
Indicators suggest that RNDR may be overbought in the short term, but remains oversold in the weekly view. This suggests a potential pullback to $9, followed by renewed buying pressure and a possible increase in volume.
If RNDR can hold above $9, it has the potential to break the $10.7 resistance and climb towards previous highs of $13.6, possibly even reaching $15-17. However, a daily close below $9 could trigger a drop to the $6 support level.
Overall, RNDR presents a unique opportunity in this bear market. By remaining above $9, it could complete its current uptrend and reach new heights. 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. Backed by popular messaging app Telegram, TON’s positive momentum stems from several factors.
This includes expanding Telegram’s footprint, a growing ecosystem of projects on the TON Blockchain network, and adding support.
TON reached a record high of $7.66 last month but saw a correction as investors cashed out, dropping the price to $4.8. May, however, has brought renewed strength to TON, with the price currently facing resistance at $6.
Technically, a daily close above $6 could propel TON toward resistance zones between $6.7-7.4 and potentially even $8. If the price falls below $5.7, the Current bullish momentum could weaken, limiting recovery potential.
A further decline could see TON test the $4.6 support level, which corresponds to the 3-month EMA value.
Overall, TON’s resilience in a bear market is impressive. A break above $6 could unlock additional gains, but investors should be mindful of potential pullbacks and downside risks if support levels are breached.
Meanwhile, Ethereum remains stuck in a triangle pattern
Ethereum remains stuck in a descending triangle pattern, raising concerns about a potential price crash. The cryptocurrency found temporary support at $2,930 last week, but failed to surpass $3,200 and started this week with a decline. 
If the coin falls below $2,900, it could signal a bearish breakout of the pattern, potentially pushing Ethereum towards $2,600. Technical indicators also suggest selling pressure. Staying above $2,900 is crucial to avoid a steeper decline.
The $3,100 to $3,150 range remains a significant resistance level for Ethereum. This month we will see decisions on Ethereum ETFs in sight. Although the SEC currently appears hesitant to approve them, a surprise approval could lead to a price increase to $3,600 to $3,800.
The lack of positive news could keep the Ethereum market dominated by sellers for a while. Ethereum faces a critical moment. Maintaining support above $2,900 is vital to avoid a deeper drop. Positive developments or a surprise ETF approval could trigger an upside breakout, but the current outlook is bearish unless key support levels hold.
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Disclaimer: This article was written for informational purposes only; does not constitute a solicitation, offer, advice or investment recommendation, as such, it is not intended to encourage the purchase of assets in any way. I would like to remind you that any type of asset is evaluated from multiple points of view and is highly risky and therefore any investment decision and the associated risk remain with the investor.