Bitcoin (BTC) is still up on Thursday despite Fed Chair Powell’s hawkish remarks on Wednesday. This has had the effect of a small lift in the crypto market. Render (RENDER) and Near Protocol (NEAR) are among those benefiting the most.
Total2 close to breakthrough
Source: TradingView
Total2 is the combined market capitalization of all cryptocurrencies except $BTC. This is still showing a downward trend, although if some kind of catalyst can occur, perhaps such as a US/China trade agreement, there is not far to go to punch through the descending trendline.
$RENDER up 9% on Thursday
Source: TradingView
The $RENDER price is up more than 9% on Thursday, generally leading the field of the top cryptocurrencies by market capitalization. As can be seen in the above daily chart, further upside is stunted as long as the price remains under the $3.97, and $4.44 resistances.
That said, the descending trendline has been broken through, and a W pattern could come into play if $RENDER bulls can break through the neckline and both resistances. $5.81 would be the measured move.
Last chance saloon for $NEAR
Source: TradingView
The $NEAR price is hugging the descending trendline tightly. It would not take much to push it through, and for a confirmation on the other side. Up more than 4% on Thursday so far, $NEAR bulls do need to get back above the horizontal support/resistance level at $2. Failure to do so could mean the end of any sort of successful bull market for $NEAR.
That said, if this is the level for a bounce, the $NEAR price probably moves into last chance saloon. Nevertheless, if a failed rally occurs, it’s not clear what can save this layer 1 going forward.
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.
