After Monday’s sharp dump some altcoins are recovering quickly. Kaspa (KAS), Render (RNDR), and Bonk (BONK) are among three altcoins recovering the fastest.
Bitcoin’s 10% plummet in price over three days might have had some investors and traders eyeing the sell button nervously. However, nothing goes up in a straight line in markets, and 10% is small beer to the possible 30% or 40% corrections common to all crypto bull markets.
As $BTC recovers this morning, its pace of recovery might be considered sedate compared to some of the altcoins.
$KAS claws back first 10%
Source: Trading View
$KAS suffered a 23.6% correction in price, which took place over a period of eight days. As things stand, four 4-hourly green candles did take the price back up almost 10%, but has now receded slightly due to hitting resistance. The W chart pattern will either play out now as the price moves above resistance, or will be rejected for possible further downward price action.
$RNDR shrugs off pullback
Source: Trading View
Render (RNDR) was not affected too much at all by the dump. Monday’s daily candle did wick down 13.4% from the open of the day, but over the course of the day the price was bought up strongly, and by the end of the day $RNDR was actually 3.6% up.
$BONK, the king of the meme coins
Source: Trading View
Bonk (BONK) hasn’t bonked yet. The meme coin based on the Solana blockchain, and outstripping $PEPE from the ethereum blockchain by market cap, does not appear to be losing momentum.
A 21% dip in the price from the open on Monday was bought back up during the day, although the day did end down 5.5%. Tuesday has seen this loss erased for now.
The W chart pattern above does bode well for more upward movement. The price is looking to perhaps retest the W neckline before either continuing higher, or invalidating the pattern with a downward move.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Source: https://cryptodaily.co.uk/2023/12/altcoins-quickly-recover-losses