The market has experienced volatility over the past week. Liquidations around key resistance and support levels caused this not only for Bitcoin, but also for the entire altcoin market. This volatility led to a situation where the resistance levels became a point of notable pullback, pushing the leading altcoins into recession. However, the prices of altcoins such as Render, Dogecoin and Solana showed promising sentiment. Analysis shows that these coins may post new gains in the coming week.
Market remains in a stable region
Several spot Bitcoin ETF submissions, along with recent filings from BlackRock and Fidelity for a spot Ethereum ETF, have maintained market stability due to the possibility of approval.
Every time Bitcoin’s price struggles to rise above $38,000, there is a noticeable increase in altcoin activity. Notably, the altcoin seasonal index has recently experienced a significant increase, with the metric rising from a low of 27 to 49. This indicates a growing market preference for altcoins over the past week.
Render (RNDR) price analysis
After 1.5 years, the price of RNDR broke through the $3.3 resistance level. However, it is currently meeting slight resistance; however, it has recovered from EMA20.
As buying pressure increases, buyers aim to reach the next resistance level. If they successfully counter any profit-taking tendencies at $3.3, the RNDR price could potentially rise to $4.3 next week.
Conversely, if the bears manage to push the price below the EMA 20 trendline at $2.9, the next critical support level could be around $2.
Dogecoin (DOGE) price analysis
Investors may be in accumulation mode as DOGE price takes a dip. Dogecoin was unable to hold its position above $0.085, leading to a decline towards the 20-day EMA trendline.
The price fell below the 20-day EMA due to bearish pressure, but the presence of a long wick on the day’s candlestick indicates strong buying interest at lower levels. The bulls are expected to make another attempt to push the price back up to $0.085, and a breakout above the upper trendline will send the price above $0.1.
Solana (SOL) Price Analysis
The $50 level is crucial for Solana in the coming week as the bears target a steep decline. However, a recovery from that level could trigger a bullish comeback.
The buying momentum could emerge soon as the bulls prepare to defend the $50 level. A successful rebound will push SOL price on a short-term rally next week, pushing the price towards $70. However, this level could witness a sell-off, mirroring the previous trends.
If the bulls fail to defend the $50, sellers could send the SOL price plummeting and consolidate it within the $40 range. This indicates that current momentum is crucial for both buyers and sellers as it determines a crucial trend in the coming week.