The entire market has seen a slight recovery today, especially Bitcoin (BTC) and Ethereum (ETH). Gains remain limited to 2%, while these 3 mid-volume altcoins are leading the market momentum.
Stagnant market conditions offer new opportunities for these 3 altcoins
Immutable (IMX), Render (RNDR) and Frax Share (FXS) are among the rising numbers of August 24. Meanwhile, the overall value of the cryptocurrency market also provided some recovery. According to CMC data, TOTAL reached $1.07 trillion, up 1.5% in the last 24 hours. The altcoin market has shown a lot of effort during the recovery period.
Despite the market-wide recovery, a few technical red flags have been popping up lately. During this period, the 50-day EMA line showed a bearish trend below the 100-day EMA. If this technical flag is confirmed, TOTAL will head towards the next key support level of $1,022 trillion.
In the rest of the article, let’s take a look at the latest situation in IMX, RNDR and FXS prices. Let’s examine what developments stem from the rise.
Immutable (IMX)
After the recent market crash, IMX is showing positive signs of recovery. Altcoin price has risen over 7% in the last 24 hours to reach $0.6071. Despite this improvement, IMX’s performance over the week still fell 4.93%.
Render (RNDR)
Like IMX, RNDR experienced a similar situation. It recorded a price increase of more than 7% during the day. This increase marked the new high of the day, pushing the value of RNDR to about $1.51. Moreover, RNDR’s trading volume grew by more than 72% in the same 24-hour period. Thus, the total reached $37,008,147. The altcoin later approached exit levels with some correction. Still, it continues to retain some of its daily gains. cryptocoin.comAs we have reported, RNDR was on the list of famous analysts this week.
Frax Share (FXS)
Finally, it is a successful day for FXS, which is up 4.95% to $6.10. However, the altcoin price dropped more than 6% last week. This means that there is still some work to be done to fully recover from the recent market turmoil.
Polygon (MATIC) also requires close monitoring
On the weekly time frame, MATIC is showing a sharp downward trend. After the recent collapse, MATIC settled below the $0.80 area. Later in July it confirmed this as resistance (red icon) and formed a long upper wick.
The altcoin is currently still bearish due to a failed break from the resistance line. MATIC fell significantly after hitting the $0.90 high (red circle). Meanwhile, it broke out of the horizontal support area of $0.60.
According to analysts using the Elliott Wave theory, the most likely levels for the wave to end are $0.40 and $0.28. These are revealed by the 1.27 and 1.61 outer Fib retracements of the fourth wave, respectively. Despite this bearish MATIC price prediction, a strong bounce to reclaim the $0.60 support area will lead to a 40% gain at the next resistance at $0.80.
