Prices of many cryptocurrencies have been moving sideways for some time now with spreading speculation that the much-anticipated altcoin season might no longer happen. However, it is uncertain if this opinion would be valid especially as many of the top tokens have struggled in recent times.
For instance, Toncoin (TON), despite its rise into the top 10 fold per market, only managed to trade around the same price it was 24 hours ago. But it is important to note that the price has increased by 23.25% in the last seven days.
Solana (SOL), on the other hand, changed hands at $146.82—a similar 24-hour performance to TON. Render’s (RNDR) price swung sideways at $10.89 while Jupiter (JUP) registered a 1.77% increase.
Moving on, here is how these cryptocurrencies might perform in the forthcoming week.
Toncoin (TON)
According to the 4-hour chart, bulls have been able to create support for TON at $5.64. This support, backed by buying pressure helped the token rise past the $6.24 resistance.
At press time, TON’s price was $6.90. But it could face another challenge of breaking through the overhead resistance at $7.19. A successful rise above this level could send the token toward $8.50.
On the other hand, rejection, at this point might force a decline to $6.00 within a short period. Meanwhile, the Relative Strength Index (RSI) revealed that TON still had a good level of buying momentum.
TON/USD 4-Hour Chart (Source: TradingView)
If sustained, the bullish prediction mentioned above could be validated. On a fundamental basis, TON’s price could increase this week especially as Notcoin (NOT), a token developed on the TON blockchain is set to launch on May 16.
Solana (SOL)
The 4-hour SOL/USD chart showed that bulls were struggling to revisit the $155.47 peak the token hit recently. However, it seems that the token might not tap that price anytime soon, according to indications from the Exponential Moving Average (EMA).
As of this writing, the 20 EMA (yellow) had crossed over the 9 EMA (blue), indicating that SOL’s trend was bearish. If buying pressure fails to come in, the next target for the token could be a decline to $137.26.
SOL/USD 4-Hour Chart (Source: TradingView)
Render (RNDR)
RNDR is one of the few tokens that registered an impressive increase in the last seven days. According to CoinMarketCap, the price of RNDR has increased by 16.94% within the last week. However, all that might have come to an end.
This assertion was because of the indications from the Money Flow Index (MFI). At press time, the MFI was 38.12, indicating that traders had booked profits from the recent surge. If this indicator reading continues to fall, then RNDR’s price might do the same.
The Moving Average Convergence Divergence (MACD) also suggested a similar forecast as the reading was negative. This implied a bearish momentum.
RNDR/USD 4-Hour Chart (Source: TradingView)
As per the short-term targets, Coin Edition’s analysis showed that RNDR might fall to $9.70 unless another round of buying pressure resumes.
Jupiter (JUP)
As of this writing, JUP changed hands at $1.05, thanks to bulls’ defense of the support at $1.00. Meanwhile, the price of the token could be set to go higher, based on signals from the Awesome Oscillator (AO).
At press time, the AO was negative. However, the green histogram bars suggested that sellers’ dominance could be waning.
JUP/USD 4-Hour Chart (Source: TradingView)
If this continues, the AO reading might flip to the positive region, and a price increase could be next. In a situation like this, the price of JUP could try and key into the $1.19 overhead resistance.
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