CDS Crypto News Market Movers: 3 Altcoins Took the Lead in Weekend Price Surges
Crypto News

Market Movers: 3 Altcoins Took the Lead in Weekend Price Surges

Solana (SOL) broke out of a descending wedge pattern towards the $27 resistance. GMX broke a long-term descending resistance trendline but is still below the $60 resistance. Render Token (RNDR) broke a descending resistance trendline and is nearing the $2.10 resistance level.

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Market Movers: 3 Altcoins Took the Lead in Weekend Price Surges

Crypto News- Over the weekend, three cryptocurrencies stood out in the market: Solana (SOL), GMX, and Render Token (RNDR). Solana’s impressive breakout from a descending wedge pattern, coupled with GMX and RNDR breaking free from descending resistance trendlines, grabbed the spotlight.

Market Movers: 3 Altcoins Took the Lead in Weekend Price Surges

Solana’s Positive Momentum:

Solana saw a notable upturn in its fortunes. It began with a bounce off a long-term ascending support line on September 12, followed by a breakout from a bullish descending wedge pattern just eight days later.

Market Movers: 3 Altcoins Took the Lead in Weekend Price Surges

These wedges often signal bullish moves. On September 27, SOL’s price surged, reaching a high of $24.80 on October 2, inching closer to the crucial resistance level at $27. The Relative Strength Index (RSI) provided further confirmation of the bullish trend, with readings above 50 indicating positive momentum.

GMX Overcoming Resistance:

GMX’s price trajectory has been steadily upward since reaching a low of $28.16 on August 17. Early in September, it formed a higher low and then made a significant breakthrough by breaching a descending resistance trendline that had held for 163 days.

Market Movers: 3 Altcoins Took the Lead in Weekend Price Surges

Such breakouts from long-standing patterns often lead to substantial upward movements. The daily RSI for GMX reinforced this optimism, trending upwards and staying above the 50 mark.

RNDR’s Successful Climb:

RNDR has also been on the ascent, with its price steadily rising since breaking free from a descending resistance trendline on September 7. The pace of the increase accelerated after it established a higher low on September 27. The daily RSI for RNDR corroborated this bullish trend, remaining above 50 and on the rise.

Market Movers: 3 Altcoins Took the Lead in Weekend Price Surges

The next major resistance area for RNDR is positioned at $2.10, marked by the 0.5 Fibonacci retracement level and a horizontal resistance zone. Conversely, a pullback to the closest support at $0.95 would represent a 50% decrease.

Market Movers: 3 Altcoins Took the Lead in Weekend Price Surges
Sources:beincrypto

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