In a resounding testament to the dynamic nature of the cryptocurrency landscape, the total market capitalization for cryptocurrencies witnessed a notable surge throughout the past 24 hours, as indicated by the authoritative cryptocurrency price tracking platform, CoinStats. This impressive uptick in the collective valuation propelled the market to an impressive approximate above of $1.137 trillion.
Meanwhile, a spotlight on the past 24 hours of trading reveals that Render (RNDR), ImmutableX (IMX), and Internet Computer (ICP) emerged as the prime beneficiaries of the influx of capital that streamed into the market during this period. Furthermore, technical indicators for these altcoin suggest that their price may continue to rise in the medium term.
General Market Overview
The total cryptocurrency market cap was up 4.28% at press time according to the cryptocurrency price tracking website CoinStats. This increase in the market’s collective valuation boosted it to approximately $1,137,529,201,839. During the past day of trading, it was Render (RNDR), ImmutableX (IMX) and Internet Computer (ICP) that benefited the most from the influx of capital that entered the market throughout the past 24 hours.
Render (RNDR), as per CoinStats data, emerged as the standout performer in the cryptocurrency realm during the preceding 24 hours, boasting an ascent of over 10% in its price. This pushed RNDR's valuation to $1.52. Although the daily surge painted an optimistic picture, the coin's weekly performance remained entrenched in the red zone, with a decline of 3.73% for the week.
Price chart for RNDR/USD (Source: CoinStats)
From a technical perspective, RNDR’s price was attempting to break above the 9 and 20 EMA lines on its daily chart. If the cryptocurrency is able to close a daily candle above these two technical indicators then it may continue to rise to $1.805 within the following week.
Daily chart for RNDR/USDT (Source: TradingView)
Nevertheless, a substantial hurdle, in the form of the 50-day EMA line at roughly $1.711, looms on RNDR's path to the $1.805 threshold. A breach beyond this EMA line might grant the altcoin the essential buying support required to convert the $1.805 resistance into a support level. This move would subsequently pave the way for RNDR to break free from the negative price channel that had established itself on its daily chart over the past three weeks, potentially ushering in a rally towards $2.260.
However, if RNDR fails to close a daily candle above $1.540 within the next 72 hours then the bullish thesis will be invalidated. In this scenario, the cryptocurrency’s price will be at risk of retesting the crucial support level at $1.315.
ImmutableX (IMX) stood as the second most prominent 24-hour gainer, witnessing a price uptick of 6.92% during this period. This climb propelled IMX's valuation to $0.599271, according to CoinStats data. Echoing RNDR's narrative, IMX's weekly performance also found itself ensnared in the negative territory.
Price chart for IMX/USD (Source: CoinStats)
Meanwhile, a symmetrical triangle pattern had formed on IMX’s daily chart. This suggested that a price breakout in the near future is imminent.
Daily chart for IMX/USDT (Source: TradingView)
If IMX’s price breaks towards the upside, then it may attempt to challenge the next major resistance level at $0.6790. A break above this mark will then open up the possibility of IMX’s price climbing to the next threshold at $0.8485 within the following few days.
On the other hand, a bearish breakout could lead to IMX’s price falling to $0.5269. Continued sell pressure may even force the altcoin down to the next crucial support mark at $0.4410 over the course of the next 2 weeks.
Investors and traders will want to take note of the fact that short-term momentum was in favor of sellers, which may indicate that a bearish breakout will most likely happen. At press time, the 9-day EMA line was positioned below the 20-day EMA line. This signaled that IMX’s price drop may not be over yet.
A confirmation of the bearish breakout will be when IMX’s price falls below the lower level of the asymmetrical triangle chart pattern that had formed on the altcoin’s daily chart. Conversely, a daily candle close above the 9-day EMA line at around $0.6097 may be an early indication of a positive shift in momentum, which may be followed by a bullish breakout.
Internet Computer (ICP)
Sitting just below IMX, Internet Computer (ICP) secured a daily gain of 6.34%, positioning it among the day's remarkable performers. Following this surge, ICP was trading at $3.62 at the latest assessment. Notably, ICP showcased its prowess not only against the Dollar but also outperformed the market leader Bitcoin (BTC) in the past 24 hours, overshadowing the leading cryptocurrency by a margin of 4.87%. Consequently, each ICP coin was estimated to hold a value of 0.00013661 BTC.
Price chart for ICP/USD (Source: CoinStats)
ICP's price triumphantly breached the crucial resistance level at $3.560 over the previous 24 hours, maintaining its position at press time. Should the cryptocurrency succeed in closing the current day's candle above this level, it might find itself on a trajectory aimed at the next significant barrier, standing at $3.965.
Daily chart for ICP/USDT (source: TradingView)
Adding credence to this bullish thesis is the falling wedge chart pattern that had formed on ICP’s daily chart. If validated, the cryptocurrency’s price could rise to as high as $4.610 in the next few weeks.
A confirmation of ICP rising to $3.965 will be when it closes a daily candle above the 9-day EMA line, which stood at $3.611 at press time. However, if sellers unexpectedly decide to offload their ICP over the coming 72 hours, then the altcoin could risk testing the crucial support level at $3.240 shortly after this potential selloff.
In the ever-evolving cryptocurrency landscape, RNDR, IMX, and ICP have emerged as protagonists of recent price action, showcasing their potential to transcend limits and redefine trends. As the market continues its dynamic journey, the trajectory of these coins remains one to watch closely.
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.