- Cryptocurrencies remained under pressure this week as Bitcoin consolidated.
- The US dollar index surged to the highest level in more than five months.
- Tellor, IOTA, and Render Network were among the best performers this week.
The financial market remained under pressure this week as concerns about interest rates and geopolitics rose. American stock indices like the Dow Jones and Nasdaq 100 retreated after China banned iPhones from government users. At the same time, the US dollar index (DXY) soared as investors rushed to safety.
Cryptocurrencies were in a consolidation phase during the week with Bitcoin remaining below $26,000. And as I wrote here, the coin formed a death cross, which is one of the most popular bearish signs in the market. In all, the market cap of all cryptocurrencies remained at $1 trillion while the crypto fear and greed index moved to the neutral level of 45.
Tellor price prediction
Tellor is a small player in the blockchain industry. It is an oracle network like Chainlink that helps developers connect off-chain data to the on-chain. The most popular use is connecting market feeds to creators in the DeFi industry.
Tellor price went parabolic this week as demand for the token rose. TRB jumped to a high of $28.42, the highest level in months. As it rose, the coin moved above the 50-day and 100-day moving averages, signaling that there are buyers still in the market.
Oscillators like the Relative Strength Index (RSI) and the Stochastic Oscillator have moved to the overbought level. Additionally, Tellor crypto moved above the key resistance levels at $21.80 and $23, the highest swings in February this year and November 2022.
Therefore, I believe that this pump will start taking a breather as some investors start taking profit. If this happens, the token will likely retreat and retest the key support at $20. This view will be confirmed if Tellor ends the day below $28.42, the highest point on Friday.
Render Token price prediction
Render Token has lost momentum recently as demand for cryptocurrencies dropped. After peaking at $2.94 in July, the token has retreated substantially to the current $1.5. This decline is in line with the other cryptocurrencies like Bitcoin and Ethereum.
On the daily chart, the RNDR token has moved below the 50-day moving average while the Stochastic Oscillator and the Relative Strength Index (RSI) have drifted upwards. Most importantly, Render has formed a falling wedge pattern whose two lines are about to make a bullish confluence.
Therefore, a contrarian case about the token can be made. If a bullish breakout happens, the next level to watch will be at $2.20, the highest point in February.
IOTA price forecast
IOTA has emerged as one of the best-performing major cryptocurrencies in the past few days. It has soared by more than 32% from the lowest level in August and is now sitting at the highest level since July 24th. Along the way, IOTA has moved above the descending trendline shown in black.
IOTA has also jumped above the 50-day moving average. Like Tellor and Render, IOTA’s RSI and Stochastic oscillator have pointed upwards. Therefore, I suspect that MIOTA will continue rising as buyers target the next key resistance level at $0.20. The stop-loss for this trade will be at $0.156.
Read more: How to buy IOTA.
