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Cryptocurrency Price Predictions: Render, Floki, Arweave
Cryptocurrencies and stocks rebounded on Wednesday following weak US inflation data and investors bought into the recent dip. Bitcoin approached the key $70,000 level, while futures linked to the Dow Jones and Nasdaq 100 indices rose by 365 and 150 points, respectively. Here are the outlook for some of the most followed cryptocurrencies on Wednesday: Render Token (RNDR), Flokiand Arweave (AR).
Render token price
Render Token has been under pressure this week as the altcoin sell-off has taken hold. It fell from this month’s high of $11.86 to a low of $7.98
The token then recovered after the encouraging American inflation data, which occurred just hours before the Fed announced its interest rate decision. Render and other tokens should benefit if the Fed targets future rate cuts.
On the daily chart, when the token rebounded, it formed a bullish engulfing pattern, a popular reversal sign. At the time of writing, it was attempting to break out of the 100-day exponential moving average (EMA).
The rendering also bounced above the 38.2% Fibonacci retracement point. It also remains below Woodie’s pivot point. Therefore, these gains should be taken with a pinch of salt as the token has formed a double top pattern.
A likely scenario is that the downtrend resumes with sellers targeting key support at $7.9890, this week’s low.
Arweave Price Predictions
Arweavea leading player in the Web3 storage industry, is under pressure after peaking at $49.82 on May 18. It entered a deep bear market after falling more than 30% from that peak.
Arweave has fallen below the 50-day moving average and is hovering slightly above the first support of the Woodie pivot point. On the bright side, the token has formed what looks like an inverse head and shoulders (H&S) pattern, which is a popular bullish sign.
Arweave also remains between the center and first support line of the Schiff Pitchfork tool. Therefore, the outlook for the token is slightly bullish, with the next target level located at the Woodie pivot point at $41.70.
This view will no longer be valid if the token falls below the first support at $33.68 as it will invalidate the inverse H&S pattern.
Floki price analysis
Floki, one of the most popular meme coins, has also fallen heavily in recent days. It fell from a year-to-date high of $0.0003485 to a low of $0.0002195 on Wednesday.
This decline occurred when the pair formed a double-top pattern at $0.0003140, the neckline of which was at $0.0001130. In most cases, this is one of the most bearish patterns in technical analysis.
On the bright side, the token found support at the 50-day and 100-day exponential moving averages (EMAs).
As such, the outlook for the token is bearish, with the next reference level to watch at $0.00017, which is around 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.