The altcoin market is seeing a major upturn, with many coins showing impressive gains.
Pendle and Bittensor are among the top performers with impressive price increases and positive indicators.
Akash and Aptos are also showing bullish momentum after breakouts.
Render is attempting to break above a major resistance level, which could trigger a breakout from its falling wedge.
The fear and greed index has risen to a slightly greedy level which shows a positive shift in market sentiment.
The crypto market is showing the first signs of recovery in months, with Bitcoin now trading strongly above the $60,000 zone.
This time around, we have the fear and greed index back at a 51/100 reading, which shows slightly greedy neutrality.
The altcoin market is as healthy as ever, with greens through and through.
As we step into a new week, here are some of the altcoins with the strongest bullish cases to keep an eye out for.
Pendle is by far one of the strongest altcoins in terms of bullish price action. CoinMarketCap data shows that the cryptocurrency is up by more than 20% in the 24 hours before writing alone.
Pendle’s price performance
This indicates that the bulls are back in action and that they mean business.
The charts tell a similar story. The cryptocurrency has been trading within a descending channel since March of this year.
Pendle’s price action
As shown by the charts, investors had a breakdown scare on 5 August, when the cryptocurrency printed a false breakdown from the base of the channel.
However, the bulls stepped in and have been pushing the cryptocurrency upwards ever since—up into the channel again and up above the major moving averages.
As of writing, we now have Pendle attempting to break above the $4.29 resistance.
If a break above occurs, we should see Pendle’s first good chance at hitting or even breaking above the upper trendline of the channel once again.
Bittensor is another top gainer according to CoinMarketCap. The cryptocurrency is up by nearly 15% in the 24 hours before writing, and by a shocking 45% in the last week.
Massive increase in TAO
In the charts, we can see that the reason for all this bullishness is the cryptocurrency’s breakout from the ascending channel shown below:
TAO’s breakout
As shown, the cryptocurrency's bullishness has been active for the past week, helping it to rise from the base of the channel and up into a breakout.
Investors should, however, be warned that some of the major resistances to keep an eye out for include $488.3, $565.4, and $690.
This means that the bears are likely waiting around $488.3 and traders should monitor this zone closely for either a breakout or a rejection.
According to CoinMarketCap, Akash is up by around 8% over the last 24 hours before press time.
Akash’s price action
The cryptocurrency’s price is also up by more than 13% over the last day, which is impressive as well.
According to the charts, the cryptocurrency has been trading in a descending channel since March, which is a bearish sign.
Recovery on Akash
Source: TradingView
Recovery on Akash
However, we can also see that the cryptocurrency is attempting to rebound after hitting the base of this channel in early August.
Moreover, it has also broken above the minor falling wedge within the channel, indicating that we are likely to see the rally continue until Akash hits the upper trendline of the channel.
This retest is likely to happen somewhere around $4.955, indicating that If the bears do not cause a rejection, we should see a breakout soon.
CoinMarketCap data shows that Aptos is up by around 6% over the last 24 hours and by an impressive 28% over the last week.
Aptos’ price movement
According to the charts, Aptos is bullish because it recently broke out of a descending channel formation.
Aptos’ price action
As shown, the cryptocurrency is currently on a bullish roll. However, to consider Aptos in a full breakout from its multi-month bearishness, we first need to see a break above the psychological $10 price level, which has been a major resistance for months now.
So far, the major resistances to keep an eye out for include $10, $11.8, $13.58, and $15.76.
According to CoinMarketCap, Render is up by more than 7% in the last 24 hours before writing.
This bullishness also stretches back over the last week, with an 8% price increase.
Render’s price performance
According to the charts, the cryptocurrency trades within a falling wedge formation and is attempting to break above the major $5.64 resistance.
Render’s price action
As shown in the charts, the odds of Render continuing further upward seem strong, and investors should keep an eye out for what happens around this $5.64 price level (which also coincides with the 99-day EMA).
Interestingly, the cryptocurrency has been trading underneath this moving average since mid-June.
This said, a break above would be a big deal and could be the trigger for a Render breakout from the wedge once and for all.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.