Altcoins
Top Altcoins Set for a Major Drop Next Week
As Bitcoin price crosses the $67,000 mark, overall market sentiment shows potential upside for altcoins. However, weakness in some altcoins points to a prolonged correction in the coming week.
Additionally, as Bitcoin price may soon face resistance near $70,000, these altcoins may face a significant decline. With crucial support levels under pressure, secondary traders could find a selling opportunity in these altcoins.
Let’s take a closer look at their pricing analysis for a better understanding.
HBAR (HBAR) Weakness Prevents $0.10 Breakdown
With an uptrend on the weekly chart, the ascending channel shows an increase in the underlying demand for HBAR tokens. However, higher price rejection in recent candles warns of a reversal.
Additionally, the downward trend in trading volume during the recovery reflects underlying weakness. Therefore, the uptrend may soon fade due to increased supply and collapse to the support trendline.
Therefore, HBAR price may soon fall below the psychological mark of $0.10.
BEAM Price vs. Resistance trend line
With a downtrend in motion, BEAM price action shows an upcoming downtrend channel. Additionally, with its recent comeback, the altcoin has challenged the overhead resistance trendline.
As the trendline approaches, higher price rejection and bearish candles warn of a reversal. If supply pressure increases, BEAM price could collapse to the descending support trendline at $0.0015 if the $0.0020 support breaks.
Rendering (RNDR) Retests Struggles Against High Supply
As the RNDR token shows a bullish breakout of the $10 neckline, the ongoing retest of the breakout provides an entry opportunity. However, increasing supply and the recent bearish candle point to a fall.
Additionally, the increasing supply highlights the Fibonacci level of 23.60%. The decline in trading volume reflects a lack of bullish commitment.
In a bearish case, a drop below $10 will cause the Render token to drop to $7.