Cryptocurrencies and stocks experienced a resurgence on Wednesday following disappointing US inflation data and as investors took advantage of recent price drops. Bitcoin approached the crucial $70,000 mark while futures linked to the Dow Jones and Nasdaq 100 indices surged by 365 and 150 points, respectively. Here’s the forecast for some of the most closely monitored cryptocurrencies on Wednesday: Render Token (RNDR), Floki, and Arweave (AR).
Render Token price
Render Token has faced downward pressure this week as the sell-off of alternative coins gained momentum. It plummeted from a high of $11.86 earlier this month to a low of $7.98. The token then rebounded after the positive US inflation data, which was released shortly before the Fed’s interest rate decision. Render and other tokens could benefit if the Fed hints at future rate cuts.
On the daily chart, the token formed a bullish engulfing pattern as it rebounded, signaling a possible reversal. At the time of writing, it was making an attempt to surpass the 100-day Exponential Moving Average (EMA). Render has also bounced back above the 38.2% Fibonacci Retracement point, yet it remains below the Woodie pivot point. Consequently, these gains should be approached with caution as the token has formed a double-top pattern.
A probable scenario is a return to the bearish trend as sellers target the critical support at $7.9890, the lowest level this week.
Arweave price forecast
Arweave, a prominent player in the Web3 storage industry, has been under pressure since peaking at $49.82 on May 18th. It has entered a significant bear market after falling by more than 30% from that peak. Arweave has dropped below the 50-day moving average and is currently hovering slightly above the initial support of the Woodie pivot point. On a positive note, the token appears to have formed an inverse head and shoulders (H&S) pattern, a popular bullish sign.
Arweave also remains positioned between the middle and first support line of the Schiff pitchfork tool. Therefore, the outlook for the token is modestly bullish, with the next target level being the Woodie pivot point at $41.70. This perspective will be invalidated if the token falls below the initial support at $33.68, which would nullify the inverse H&S pattern.
Floki price analysis
Floki, one of the most popular meme coins, has also experienced a significant downturn in the past few days. It fell from the year-to-date high of $0.0003485 to a low of $0.0002195 on Wednesday. This decline occurred as the pair formed a double-top pattern at $0.0003140, with the neckline at $0.0001130. Typically, this is one of the most bearish patterns in technical analysis.
On a positive note, the token has found support at the 50-day and 100-day Exponential Moving Averages (EMA). Consequently, the token’s outlook is bearish, with the next significant level to watch being at $0.00017, which is approximately 30% below the current level. The alternative scenario is that the token rebounds and reaches the upper side of the double-top at $0.0003140.