- Cryptocurrencies did quite well this week as US government bonds plunged.
- Render Token, Storj, and Loom Network were among the best-performing coins.
- Focus now shifts to the upcoming American non-farm payrolls (NFP) data.
Bitcoin price did well this week even as the bond sell-off continued. The coin held steady above $27,000 even as the VGLT and TWT ETFs plunged to the lowest level since 2014. The two funds are the biggest long-term bond ETFs in the world with over $120 billion in assets under management.
There were several important crypto news this week. Chainlink’s SmartCon and Cosmos Cosmoverse events took place while Uniswap members voted to move to Filecoin’s FVM ecosystem. IOTA launched its Stardust upgrade, which I wrote about here. The upgrade brought more features and a new tokenomics approach.
Render Network Token price forecast
The daily chart shows that the Render token has done well in the past few days. It has jumped from August’s low of $1.2643 in August to a high of $1.7710, the highest point since August 4th. The token has moved above the important resistance point at $1.7063, the highest point on September 21st.
Render Network price has moved above the falling wedge pattern. In price action analysis, this pattern is one of the most common bullish signs. It has also jumped above the 25-day and 50-day exponential moving averages (EMA). The Relative Strength Index (RSI) approached the overbought level.
Therefore, the RNDR token will likely continue rising as buyers target the resistance point at $2.00.
Storj price prediction
Storj is a leading platform in the crypto industry that aims to disrupt the storage sector. It competes with the likes of Filecoin and Siacoin. In my last report on Storj, I noted that the token had formed a golden cross pattern, which happens when the 50-day and 200-day moving averages make a bullish crossover.
Storj has continued doing well in the past few weeks. It remained above the key resistance point at $0.4338, the highest swing on April 7th. As a result, the coin has remained above the 25-day and 50-day moving averages.
Storj’s volume has also risen recently. Therefore, the token will likely continue rising as buyers target the key resistance at $0.5360, the highest point in February this year.
Loom Network price analysis
Loom Network has been one of the best-performing tokens recently. The token soared to a high of $0.176, ~300% above the lowest level in September. This surge should be taken with a grain of salt since it is happening in a low-volume environment. It is also happening without any major news catalyst.
On the daily chart, the LOOM Network token has remained above the 50-day moving average and the resistance at $0.143, the highest level in March. At this stage, I suspect that the coin will pull back in the coming weeks. If this happens, the next level to watch will be at $0.12.
