Bitcoin remains within its previously defined support and resistance zones. Let’s explore the market dynamics of cryptocurrencies Render (RNDR) and ImmutableX (IMX) as of Wednesday, October 11.
Render (RNDR)
Both the local and global trends for RNDR indicate an upward trajectory. At present, the cryptocurrency oscillates between a support level of $1.62-$1.70 and a resistance range of $1.82-$1.90. The prevailing sentiment points to sustained bullish momentum.
Should RNDR break through its current resistance, the next significant selling cluster lies at the psychologically pivotal $2 mark. If the enthusiasm among buyers remains robust, RNDR might touch successive highs at $2.1 and $2.2.
Intermittent corrections are par for the course in a bullish trend. Downward, the subsequent support levels to watch are $1.55 and the range spanning $1.40-$1.47. Touching these levels would likely be a short-term deviation, with prospects of revisiting and possibly surpassing prior highs shortly.
RNDR chart on the H2 timeframe
ImmutableX (IMX)
The ImmutableX chart is exhibiting a pronounced downward trend, occasionally interrupted by short-lived bullish spikes of 20-30%, typically driven by fundamental events. Notably, on September 21, IMX experienced a significant surge, with its price jumping 40% within a day. However, this gain was quickly reversed by sellers.
At present, IMX trades within the support range of $0.48-$0.51. If this downtrend continues, the asset might touch its local lows at $0.43 and then $0.40, which represents ImmutableX's yearly low.
The current resistance level stands at $0.55-$0.58. Further sell orders are set at $0.60, $0.62, and $0.64. For IMX to embark on an upward trajectory, it needs sustained growth, supported by high trading volumes, indicating strong buyer interest. Without this, any temporary rally is likely to be swiftly countered.
IMX chart on the H4 timeframe
Today, market participants await the release of the U.S. Producer Price Index and the latest FOMC minutes concerning the nation's economic landscape. These developments could trigger increased volatility in the crypto market due to its ties with the US dollar, a factor traders should be wary of.
Check out GN Crypto for the latest cryptocurrency rates and chart analysis.
Disclaimer
Please note that the analysis provided above should not be considered a trading recommendation. These are solely the opinions of the GNCrypto editorial board regarding the market situation. Before opening any deals, we strongly advise conducting your own research and analysis.
Abbreviations
TF (Timeframe) — a chronological period equal to the time it takes to form one Japanese candle on the chart.
Horizontal channel (flat, sideways, range) — the movement of price between support and resistance levels, without going beyond the given range.
К — simplified designation of one thousand dollars of the asset price (for example, 23.4K – $23,400).
Gray range on the chart — a support zone.
Red range on the chart — a resistance zone.
Correlation — the tendency of prices of different cryptocurrencies to move in sync, often influenced by the dominance of one of the assets.
Initial materials
This analysis was informed by the following educational materials and articles from GNCrypto:
