The cryptocurrency market had a mixed performance last week. With most currencies, I followed the path of the Bitcoin price, which entered into a kind of stability and sideways movements.
Many other currencies witnessed strong rises due to the positive momentum currently dominating the market.
In our previous weekly analysis of which cryptocurrencies to watch, we touched on 4 of them. They all recorded increases, but they were different.
For example, Solana (SOL), recorded an increase of more than 70%, due to the great momentum on social media.
But this was not within my expectations, because here we focus on technical analysis, and we choose cryptocurrencies that are moving in an upward trend line. Or it has other bullish technical signals.
The basic idea here is that the market is now generally moving in an upward direction. Any fall or decline in the price of a currency is classified as a correction that will follow a re-rise.
We have chosen 3 cryptocurrencies for you to add to your watch list and follow up in this week’s trading.
1. Binance Coin (BNB)
We have not touched upon this currency for a while, simply because it has been moving in a sideways direction confined below the $250-$255 resistance area since the beginning of last June.
But that seems to have changed now as BNB price was able to break through this resistance in last week’s bull run. This is a very strong positive technical signal.
BNB’s price rebounded after touching the $275 resistance level. It is now trading at $265.
We will likely see a retest of the $255 level before continuing higher.
As a reminder, the movements in BNB price are not very strong compared to other cryptocurrencies.
If you are looking for double-digit returns within a few days, this cryptocurrency is not for you at the moment.
2. Tron (TRX)
As usual, this cryptocurrency is present in our list of cryptocurrencies to watch and the reason is simple. We follow the basic rule of “trading with the trend”.
The price of TRON (TRX) has been moving in an upward trend since November 14, 2022. That is, right after the FTX exchange collapsed.
The rally in mid-June was intensified by the start of the Bitcoin ETF saga.
Since then, TRX’s price has formed a bullish channel (above the rising trend line) on the daily chart.
The previous analysis is still valid after its success and the price rose to now trade at the level of $0.107.
We expected the price to rebound from the lower border of this channel, which represents a good buying area.
Then comes the $0.092 support area and of course the trend line.
3. RNDR
This digital currency linked to artificial intelligence also performed among the best in the entire market, with an increase currently reaching 1060% since the beginning of this year.
In the previous analysis, we said that the price of RNDR is moving in an upward trend line on the 4-hour chart.
With great respect to Fibonacci retracement levels. Especially 38.2 and 50% at the levels of $3.80 and $3.50.
We expected the price to return to the rise from the downward trend line and the mentioned support levels.
Indeed, the price of RNDR rose and reached a new peak at $4.98, before retreating and trading at $4.66.
Like this time back to test the rising trend line represents a good buying opportunity.
Of course, one must be wary of the possibility of a deeper correction occurring and the price falling to the 50% Fibonacci retracement at $3.52.
