Altcoins
Will AKT and BNX rally 50% despite market decline?
As the overall market sentiment deteriorates, major altcoins are in free fall. However, some small-cap altcoins are trying to maintain a positive trend and spark a recovery as underlying demand increases.
With doubts about the market recovery growing, a wave of supply could be coming for altcoins. So, are these Low Cap Altcoins maintain the recovery or suffer a massive fall in the coming days?
Small-Cap Altcoins Recover: Akash Network (AKT)
Despite a downward trend in the daily trend, the AKT Price shows a sudden surge in demand. The small-cap altcoin’s 4.45% intraday rally challenges the overhead trendline.
In a broader sense, the AKT Price forms a falling wedge pattern with two converging descending trendlines. However, the altcoin is teasing a double bottom reversal from the $2.71 support level.
The bullish divergence of the daily RSI line reinforces the possibility of a bullish reversal. However, the death cross on the daily chart warns of a failed breakout, with the 50D EMA acting as dynamic resistance.
A bullish breakout may fuel AKT’s uptrend to surpass the 50% Fibonacci level at $4.4452.
BinaryX
On the 4H chart, the BNX price action reveals a long-standing support trendline that offers multiple bounces. However, the recent reversal of the support trendline is struggling to find previous demand and warns of a breakout.
Nevertheless, the uptrend continues to find support at the 50 EMA and the RSI line is above the midline. According to the Fibonacci levels, the BNX price corrects with a double top at $1.51 and tests the 38.20% Fibonacci level at $1.39.
A rebound in the altcoin could surpass the previous peak at $1.71 to reach the 1.618 Fibonacci level at the psychological $2 mark.
Read also : The Best Altcoins to Stack for the Next Crypto Bull Run!