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Cryptocurrencies and stocks saw a rebound on Wednesday following weak US inflation data, prompting investors to buy the recent dip. Bitcoin neared the significant $70,000 level, while futures tied to the Dow Jones and Nasdaq 100 indices rose by 365 and 150 points, respectively. Here’s a detailed outlook for some widely followed cryptocurrencies: Render Token (RNDR), Floki, and Arweave (AR).
Render Token Price Analysis
Render Token has faced pressure this week amid an altcoin sell-off, dropping from a monthly high of $11.86 to a low of $7.98. The token rebounded following encouraging US inflation data, released shortly before the Federal Reserve’s interest rate decision. Render and other tokens could benefit if the Fed signals future rate cuts.
On the daily chart, the token’s bounce formed a bullish engulfing pattern, indicating a possible reversal. At the time of writing, it was attempting to cross the 100-day Exponential Moving Average (EMA). Render also rebounded above the 38.2% Fibonacci Retracement point but remains below the Woodie pivot point. These gains should be viewed cautiously as a double-top pattern has formed. A likely scenario is a resumption of the bearish trend, with sellers targeting key support at $7.9890, the lowest level this week.
Arweave Price Forecast
Arweave, a key player in the Web3 storage industry, has experienced pressure since peaking at $49.82 on May 18th. It has entered a deep bear market, dropping over 30% from that peak. Arweave has fallen below the 50-day moving average and is hovering slightly above the first support of the Woodie pivot point. On the positive side, the token has formed an inverse head and shoulders (H&S) pattern, a popular bullish indicator.
Arweave remains between the middle and the first support line of the Schiff pitchfork tool. Therefore, the outlook is mildly bullish, with the next target level at the Woodie pivot point at $41.70. This view will become invalid if the token drops below the first support at $33.68, which would invalidate the inverse H&S pattern.
Floki Price Analysis
Floki, one of the most popular meme coins, has also seen a significant decline in the past few days. It dropped from a year-to-date high of $0.0003485 to a low of $0.0002195 on Wednesday. This decline occurred as the pair formed a double-top pattern at $0.0003140, with a neckline at $0.0001130. This is generally considered one of the most bearish patterns in technical analysis.
On the positive side, the token has found support at the 50-day and 100-day Exponential Moving Averages (EMA). Therefore, the token’s outlook is bearish, with the next reference level to watch being $0.00017, about 30% below the current level. An alternative scenario is where the token rebounds and reaches the upper side of the double-top at $0.0003140.
For more updates on cryptocurrency prices, trends, and forecasts, visit Global Crypto News.
