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Friday has dawned brightly for the crypto sector and a push to the upside is taking place.
Bitcoin about to start next rally?
If stock markets fall, then this is certainly transferred to the crypto market, and being high risk assets, they are likely to fall hard. However, there are still fluctuations in markets, and they go up as well as down.
After five days of sideways action Bitcoin is rising once again.
Bitcoin found support towards the end of September at the $26,000 level and has been steadily trending upwards ever since. At time of going to press bitcoin is once more at the $27,600 resistance level, and finally taking this out and flipping it into support would be an important step in bitcoin’s climb higher.
Of course, there is still the thorny issue of the 200-week moving average just above, which previously stopped bitcoin in its tracks at $28,000. However, the trend is still up, and if bitcoin keeps knocking at this level it is likely to break through eventually.
Ethereum strong
If the Alpha beast of the crypto jungle rises then the altcoins will normally follow. Ethereum is having a strong day so far, and is currently butting up against resistance at $1,630. However, it does appear to be breaking the downwards trend from October 1, so look to $ETH to perhaps also break resistance.
Solana up ahead of conference
Solana is having an even better day thus far. 3% up currently, $SOL is heading back to $24 at a fast rate of knots. The Solana community has its Breakpoint 2023 Conference coming up at the end of the month, and this is perhaps why $SOL is moving strongly up again.
A bullish flag has been forming since the beginning of October, and $SOL looks to be breaking out. A measured move for the breakout would take the $SOL price to $29, flipping the resistance at $26 into support.
Important news for Render?
Render ($RNDR) is another altcoin riding high. Up 1.75% on the day, $RNDR is battling resistance at $1.75. Should it overcome this, the next resistance at $1.80 awaits, with the 200-week moving average just above.
Render’s founder, Jules Urbach, is speaking at the Solana Breakpoint Conference. What he has to say is likely to be very interesting, although a ‘sell-the-news’ reaction on the $RNDR price may also be likely.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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