This article discusses three underperforming cryptocurrencies currently in the buy zone, analyzing their potential for future growth and investment opportunities.
Points
- Overview of the global crypto market and dominant cryptocurrencies.
- Analysis of Render （RNDR）, FLR, and BRETT.
- Technical indicators and market conditions.
- Potential investment opportunities and risks.
- Advice for investors to conduct thorough research （DYOR）.
The global market cap, according to CoinMarketCap, stands at $2.11 trillion with a massive 24-hour volume of $68.64 billion. BTC dominates with 53.4% market share, followed by ETH at 17.5%. Post-July 5th, BTC has sustained its price decline, with most cryptocurrencies following suit. Despite this, the overall sentiment remains bullish and optimistic.
Could Render （RNDR） Turn from Underperformer to Outperformer?
Render （RNDR） has shown a possibility of flipping from an underperformer to an ace pick. Despite a breakdown from the symmetrical triangle, the price might stabilize near the $5 support level. At press, it trades at $5.827, facing downward pressure from the 50-day and 200-day EMA bands. The MACD supports further bearishness, and RSI indicates approaching oversold territory. While the graphs display bearishness, $5 support could trigger a reversal. Investors are advised to do their research （DYOR） before making decisions.
Does FLR Have the Capacity to Turn Bullish?
FLR is inching towards a crucial support level around $0.01600, influenced by dynamic trendline resistance and EMA bands. With the RSI in the oversold zone, there’s a slim chance of a bullish reversal from $0.01600 support. A solid technical intuition suggests a potential parabolic movement based on buyer interest. However, caution is advised, and thorough research （DYOR） is essential.
BRETT: A Memecoin on Base Chain, Can It Resurface?
BRETT, a memecoin, faces continued profit booking post a 550% surge. The symmetrical triangle breakdown shows deterioration, but $0.07050 critical
support level could act as a significant support. Investors and traders are currently hesitant, and if buyers step in at this support, it could prompt a reversal. However, breaching this support could harm the price further. Hence, investors should stay cautious and conduct thorough research （DYOR）.
Conclusion
While RNDR, FLR, and BRETT show potential under specific conditions, investors should approach these assets with caution. It is crucial to conduct thorough research and consider market conditions, technical indicators, and potential risks before making investment decisions.