Predictions for Crypto Prices Render Floki Arweave
The cryptocurrency and stock markets saw a resurgence on Wednesday following the release of weak US inflation data and as investors took advantage of the recent downturn. Bitcoin approached the crucial $70,000 mark, while futures linked to the Dow Jones and Nasdaq 100 indices rose by 365 and 150 points, respectively. Here is 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 significant downward pressure this week as the sell-off of altcoins gained momentum. It tumbled from its high of $11.86 earlier this month to a low of $7.98. However, it saw a resurgence following the positive US inflation data, which was released just hours before the Fed’s interest rate decision. If the Fed hints at future rate cuts, Render and other tokens should benefit.
On the daily chart, as the token rebounded, it formed a bullish engulfing pattern, a commonly recognized sign of a reversal. At the time of writing, it was making an attempt to surpass the 100-day Exponential Moving Average (EMA). Render has also rebounded above the 38.2% Fibonacci Retracement point, but it remains below the Woodie pivot point. Therefore, these gains should be viewed cautiously, as the token has formed a double-top pattern. A probable scenario is that it will resume its bearish trend as sellers target the crucial support at $7.9890, which is its lowest level this week.
Arweave Price Forecast
Arweave, a prominent player in the Web3 storage industry, has also been under pressure since reaching a peak of $49.82 on May 18th. It has entered a significant bear market, declining by over 30% from that peak. Arweave has dropped below the 50-day moving average and is hovering just above the initial support of the Woodie pivot point. On the positive side, the token has formed what appears to be an inverse head and shoulders (H&S) pattern, which is a widely recognized bullish sign. Arweave also remains between the middle and the first support line of the Schiff pitchfork tool. Consequently, the outlook for the token is moderately bullish, with the next target level being at the Woodie pivot point at $41.70. This view will be invalidated if the token drops below the first support at $33.68, as it would nullify the inverse H&S pattern.
Floki Price Analysis
Floki, one of the most popular meme coins, has also experienced significant losses in the past few days. It plummeted from its 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. In most cases, this is one of the most bearish patterns in technical analysis. On the positive side, the token has found support at the 50-day and 100-day Exponential Moving Averages (EMA). Therefore, the token’s outlook is bearish, with the next key level to watch being at $0.00017, which is approximately 30% below the current level. An alternate scenario is that the token rebounds and reaches the upper side of the double-top at $0.0003140.
