These 3 Cryptos Saw Significant Price Gains Overnight
Render Token (RNDR), Mask Network (MASK), and Synthetix (SNX) all regained their footing after previous breakdowns. A bullish reversal may have begun for them.
Most of the crypto market has been increasing over the past five days. The upward movement accelerated considerably yesterday. These three cryptocurrencies were the ones that pumped the most during this time.
Render Token (RNDR) Price Leads Altcoin Gainers
The RNDR price has increased since the beginning of the year. On April 26, it broke out from the $2.10 horizontal resistance area. It reached a new yearly high of $2.60 two days later.
However, the price fell shortly afterward, failing to bounce at the $2.10 area. T
his put the entire bullish structure at risk. Nevertheless, RNDR has increased since May 11 and reclaimed the $2.10 area again yesterday.
RNDR can increase to the next resistance at $3.10 if the upward movement continues. However, if it falls below the $2.10 area, a decrease to $1.30 can transpire.
Mask Network (MASK) Price Moves Above Important Resistance
The MASK price has fallen since March 29, when it just reached a new yearly high of $7.27. Initially, the price was expected to bounce at the previous descending resistance line. However, it failed to do so and instead broke down.
Nevertheless, MASK regained its footing on May 12 and moved above the line again on May 17. This is a bullish sign since it means that the previous breakdown is invalid. Thus, it could lead to an upward movement.
If an increase occurs, the next resistance will be at $5. However, a drop to $3.25 will be expected if the price falls below the resistance line again.
Syntethix (STNX) Price Reclaims Horizontal Level
The SNX price has fallen under a descending resistance line since September 2022. More recently, the line caused rejection in April 2023 (red icon), causing the current downward movement.
Due to the decrease, the SNX price fell below the $2.20 horizontal area, which was expected to provide support.
However, the price regained its footing on May 12 and began an upward movement shortly afterward. On May 17, it reclaimed the $2.20 horizontal area, validating it as support.
If the increase continues, the price can move to the long-term descending resistance line at $2.90.
For BeInCrypto’s latest crypto market analysis, click here.
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.