Market overview and sentiment shift
With Bitcoin (BTC) showing signs of recovery, the broader crypto market is also beginning to see a resurgence of positive momentum. Several altcoins that are backed by strong fundamentals, such as Binance Coin ($BNB), Kaspa ($KAS), and Render Token ($RNDR), are among those making notable gains. These assets have rebounded from key support levels, positioning themselves for potential near-term rallies.
BNB’s rebound from critical support
The price action for Binance Coin ($BNB) has been largely influenced by the movements of Bitcoin, but it has also carved out its own pattern over recent months. Since mid-March, $BNB has oscillated within a defined range, quite similar to Bitcoin’s price dynamics during the same period.
A descending trendline has been a persistent hurdle, capping rallies and pushing prices lower whenever $BNB approached it. This trendline has held strong, despite two failed breakout attempts—once during June and more recently at the end of September. In both instances, the $BNB price failed to close above the trendline and subsequently corrected. However, following these corrections, $BNB has found solid footing at important support levels, giving bulls hope that another breakout attempt may be on the horizon.
Now, $BNB is once again turning upward, positioning itself for a move toward this descending trendline. Traders are keeping a close eye on this upcoming test, as breaking above the trendline and maintaining momentum could signal a significant trend reversal.
Key Fibonacci retracement levels, including the critical 0.618 Fibonacci mark, have played an instrumental role in identifying areas of support and resistance. For instance, during the broader market dip—coinciding with external market distress due to factors like the Japanese stock market crash—the Fibonacci levels served as effective guidelines. Notably, $BNB’s drop to the 0.618 Fibonacci level during this period gave it a solid base for recovery, and this may further enhance its potential to push higher in the weeks to come.
Kaspa (KAS) gains momentum
Kaspa ($KAS) is showing signs of renewed strength after finding solid support at the critical 0.618 Fibonacci retracement level. This particular retracement zone has historically provided strong support, and the current price action suggests that $KAS is looking to build on this foundation for a potential upward move. Bulls are eyeing the 0.5 Fibonacci level, currently positioned around [gpt_article topic=”BNB, KAS, and RENDER Rally After Hitting Support Levels.” directives=”Format the text for embedding in a WordPress post, using HTML tags. Reword the
With Bitcoin (BTC) possibly beginning a comeback, the rest of the cryptocurrencies are also starting to turn back into the green. Among the more fundamentally strong altcoins are Binance Coin ($BNB), Kaspa ($KAS), and Render ($RENDER). All three have bounced from important support levels.
$BNB heads for another attempt to break its downtrend
Source: TradingView
The weekly chart for $BNB shows that the price has been ranging sideways since mid-March this year – very much as in the case for Bitcoin.
A descending trend line can be drawn from this point, which the $BNB price has generally respected, except for two failed breakouts in June, and more recently towards the end of September. The price has turned back around currently, and could head back towards that trend line in order to attempt another breakout.
The $BNB price has been drawn towards the Fibonacci levels, and these have accurately predicted support and resistance. The large dip to the 0.618 Fibonacci in the midst of the Japanese stock market crash is a particularly salient example.
$KAS strong bounce from the 0.618 Fibonacci support
Source: TradingView
The Fibonacci levels also act as an important indicator of support and resistance levels for the $KAS price. It can be noted that the price is currently bouncing strongly from the 0.618 Fibonacci. The 0.5 Fibonacci forms a resistance level above at $0.15. It is to be hoped by the $KAS bulls that the slightly lower low that was made at the last local bottom will not be prejudicial going forward.
If the $KAS price can rise above the 0.5 Fibonacci and confirm this as support, a break of the descending trend line would be the next target.
$RENDER makes another higher low
Source: TradingView
$RENDER looks to be continuing its break of the downward trend. A higher high was made at $6.84, and the price looks to have successfully bounced from the very strong support at $5.30, thereby potentially making another higher low.
The Fibonacci levels for $RENDER accurately line up with overhead resistances. These targets are at $7.40 (0.382 Fibonacci), $9.85 (0.618 Fibonacci), and $11.61 (0.786 Fibonacci). The all-time high is at $13.82.
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Interestingly, the latest pullback for $KAS formed a marginally lower low compared to its previous local bottom. While lower lows can occasionally indicate weakening bullish momentum, in this case, the bounce from the key Fibonacci support level has reassured traders that $KAS still has the potential to invalidate this bearish signal. A sustained push above the 0.5 Fibonacci level, followed by support confirmation at this price point, would likely place the descending trendline in play as the next challenge for the bulls.
Should $KAS manage to break through this descending trendline in the near term, the path toward higher price targets could become clearer, with increased market optimism potentially driving further gains. Momentum indicators like the RSI and MACD are beginning to show early signs of bullish divergence, suggesting that $KAS may follow through with a strong rebound if market conditions remain favorable. For now, traders will continue to keep a close watch on the key Fibonacci resistance levels and trendline as $KAS seeks to build upon its current momentum.
Note: Always conduct your own independent research before making any investment decisions, as digital assets remain volatile and unpredictable markets.
Render (RNDR) pushes past resistance
Render Token ($RNDR) continues to show promising price action, with bulls managing to push it beyond key psychological support levels. After reaching a higher high near .84, the token has pivoted off robust support at approximately .30. The bounce at this level is particularly significant because it forms what could be yet another higher low, sustaining the upward trajectory that $RNDR has been carving out over the past few weeks.
Technical analysis shows that Fibonacci levels are critical in mapping out potential resistance areas for $RNDR’s next leg up. These retracement levels are lining up closely with known resistance zones. The nearest hurdle the bulls need to clear is located near the .40 price mark, which aligns with the 0.382 Fibonacci level. If this resistance is overcome, the next targets would be higher up at .85 (0.618 Fibonacci) and .61 (0.786 Fibonacci).
Moving beyond these Fibonacci levels might set the stage for $RNDR to attempt retesting its all-time high, which currently stands at .82. While the current bullish momentum looks favorable, it’s worth noting that strong resistance at these Fibonacci retracements may pose challenges for further upward movement. Traders will be closely monitoring whether the $RNDR price can rally decisively past these barriers and sustain higher price levels.
Market sentiment appears to be shifting more positively, but as always, the broader cryptocurrency market’s behavior—particularly Bitcoin’s—will likely have a considerable influence on whether $RNDR can continue this upwards trajectory unchecked. Significant volume increases may be necessary to break through higher-level resistance, but for now, $RNDR bulls appear to be firmly in control, eyeing fresh highs if key levels are breached in the upcoming sessions.
Source: TradingView