Render Token (RNDR)
The price of RNDR has been on an upward trend since the beginning of the year. On May 11, it hit a low of $1.62 before bouncing back and accelerating its rate of increase. This resulted in a new yearly high of $2.95 on May 21. After a brief dip, the price has regained its momentum and is currently attempting to reach another yearly high.
Technical analysts use the Elliott Wave theory to determine the direction of a trend by studying recurring long-term price patterns and investor psychology. According to the wave count, RNDR’s price could reach a high of $3.33 before dropping. To determine the target, wave five is given the same length as waves one and three combined.
However, if the price drops below the local low of $2.25 (red line), it indicates a bearish trend. In this case, a drop to $1.70 is the most likely scenario despite the bullish RNDR price prediction.
Kava (KAVA)
The price of KAVA has been on the rise since May 8, when it hit a low of $0.66. The upward trend gained momentum on May 23, which saw the price soar to $1.55, breaking through the $1.10 resistance level.
However, this upward movement was short-lived, and the price has since fallen back to the $1.10 support level, indicating that it may hold as a reliable support level.
The future trend of KAVA will depend on whether it breaks down or bounces back from this support level. If it breaks down, the price may reach the next support level at $0.75. On the other hand, if it bounces back, it could potentially retest the high of $1.50.
TRON (TRX)
Since March 11, the price of TRX has been on an upward trend. Although it faced some challenges in surpassing the $0.071 mark, it eventually broke through on May 20, resulting in a new yearly high of $0.080 on May 23.
Currently, TRX is trading within the $0.071-$0.088 range. If the rally loses momentum, the price may fall back to the $0.071 support level. On the other hand, if the upward trend continues, the price may rise to the next resistance level at $0.087.
SingularityNET (AGIX)
Since February 8, the price of AGIX has been following a descending parallel channel, which is typically viewed as a corrective pattern. As such, a breakout from this channel is the most probable outcome.
On May 12, the price rebounded from a confluence of support levels (marked by a green icon), which were formed by the channel’s support line and the $0.23 support area.
If the price manages to break out of the channel, it could potentially increase to the next resistance level at $0.57. However, if it breaks down from the $0.23 support area and the channel, a decrease toward the $0.16 support area may be expected.
IOTA
Since May 22, the price of IOTA has been on the rise. On that same day, it managed to reclaim the $0.18 horizontal area, which is now anticipated to act as a support level.
If the upward trend persists, the next resistance level to watch out for is $0.205. However, if the rally loses steam, IOTA may fall back to the $0.18 support area once more.
