The cryptocurrency industry continues to trade under strong bullish influence, highlighting increased asset inflows from investors. Moreover, top altcoins continue to break out of key resistance levels, indicating a bullish outlook for the market in the coming months.
With market leader BTC price hitting new ATHs, altcoins have garnered significant attention and are hitting new highs in their respective portfolios. This article consists of the top 3 altcoins that are likely to hit new all-time highs (ATH) within this month.
Rendering (RNDR):
After the Render token was trading in a closed range between $5.764 and $7.021 for some time, the bulls gained momentum again and the Render price broke out of the resistance level showing a neutral trend in the price for the next 12 days. After testing the low of $5.764, the bulls regained momentum and recorded an increase of 121.73% within the next 6 days.
Since then, RNDR price has traded in a consolidated range between $10.791 and $12.781. On the positive side, a jump of around 11% is needed for Render Token to hit new highs.
MACD, a technical indicator, is showing a steady decline in the red histogram, indicating decreasing selling pressure within the cryptocurrency space. Additionally, the averages show a bullish convergence, suggesting positive price action for altcoins in the future.
If the market continues to gain momentum, the RNDR token will be poised to attempt a new ATH above $12.73 over the next week. However, a trend reversal could push the price up to the support level of $9.410 in the future.
Bit Tensor (TAO):
Bittensor price has been trading between $562.1 and $637.9 for over a week, during which time the price has seen significant fluctuations on the charts. The bulls then recorded a surge of 18.03%, after which the token traded in a consolidated range between $637.9 and $754.6 over the next two weeks.
The recent uptrend lost momentum and the support line collapsed. Since then, the price has traded between $562.1 and $602.9. However, the market is hinting at a bullish mood and the altcoin only needs to rise 18% to hit a new high.
MACD shows a rising green histogram, highlighting the bullish influence of the cryptocurrency sector. Moreover, the average indicates a bullish curve, which indicates that the price will continue to gain value in the future.
If the bulls continue to gain momentum, they will be ready to test the upper limit of $754.6 over the next few days. Conversely, if the bears overwhelm the bulls, the price will lose momentum and move lower to test the lower support level of $562.1.
One but LEO:
LEO price showed a neutral trend, trading in a closed range between $4.080 and $4.470 for a short period of time. As market volatility increased, the uptrend regained momentum and successfully broke through the resistance level, which saw the price move sideways over the next five days.
Accordingly, the price of UNUS SED LEO soared by about 23%. Since then, the price has been trading in a continuously closed range and is on the verge of testing the resistance level, the outcome of which can be unpredictable. Moreover, the LEO token needs only a 24% rise to reach a new all-time high in the cryptocurrency market.
Moving Average Convergence Divergence (MACD) is showing a weak histogram, indicating reduced buying and selling pressure in the cryptocurrency space. Additionally, the average shows a neutral trend, suggesting uncertainty about the future price movement of this altcoin in the market.
If the market gains momentum again, the bulls will be ready to test the future upper limit of $8 and hit a new ATH. Negatively, if the altcoin continues its neutral trend, the token will face obstacles in reaching new highs.