KASPA and Render have risen by 12% and 7% in the last 24 hours – Where next?
Select altcoins that have broken above their respective overhead resistance levels in the past few days are likely to witness a continuation of the rally.
Render (RNDR) and Kaspa (KAS) are among the top gainers increasing by 12.36% and 7.30% over the last 24 hours respectively. They came in positions 5 and 6 as shown in the photo below.
The highest gainers among the top 100 cryptocurrencies by market capitalization are the Graph (GRT), Hedera (HBAR), Beam (BEAM) and Stacks (STX) which have increased by 21%, 13%, 12% and 12% respectively over the same period.
Top crypto gainers Feb. 19. Source: CoinMarketCap
Let’s look at the levels to watch for Kaspa and Render moving forward.
Kaspa price analysis
Kaspa (KAS) surged above the $0.15 overhead resistance on Feb. 17, indicating the resumption of the uptrend.
The upsloping 50-day exponential moving average (EMA) at $0.12 shows an advantage to buyers, but the overbought levels on the relative strength index (RSI) suggest that the rally may have run up too fast in the near term.
If the price turns down from the current level, it is likely to find support at $0.15. A solid rebound off this level will enhance the prospects of a rally to $0.20. This would represent an 18% uptick from the current price.
KAS/USD daily chart. Source: TradingView
The bulls are expected to defend the zone between the 50-EMA and the 200-SMA on any correction at $0.12 and $0.09 respectively. A break below the 50-SMA may suggest that the bears are back in the driver’s seat, triggering a sell-0ff to $0.08.
Render price analysis
Render (RNDR) broke and closed above the $5.33 overhead resistance on Feb. 17, indicating the resumption of the uptrend.
The price has escaped from a rounded bottom pattern and now the bulls have their eyes on the optimistic target of the governing technical formation at $7.18. This represents a 13.5% increase from the current price.
RNDR/USD daily chart. Source: TradingView
On the other hand, the latest rally pushed the RSI into the overbought zone, indicating the possibility of a minor correction or consolidation. A break and close below $5.33 will be a sign of weakness and may trap the aggressive bulls.
The pair could then plunge to the 50-day exponential moving average at $4.5. A deeper correction would see a revisit of the pattern’s bottom at $3.5. Such a move would undo all the gains made since Jan. 24 and invalidate the bullish thesis.
