The post Crypto price forecasts: Render, Floki, Arweave appeared on BitcoinEthereumNews.com.

Cryptocurrencies and stocks rebounded on Wednesday after the weak US inflation data and as investors bought the recent dip. Bitcoin approached the key $70,000 level while futures tied to the Dow Jones and Nasdaq 100 indices rose by 365 and 150 points, respectively. Here is the outlook for some of the more followed cryptocurrencies on Wednesday: Render Token (RNDR), Floki, and Arweave (AR). Render Token price  Render Token has been under pressure this week as the altcoin sell-off gained steam. It crashed from this month’s high of $11.86 to a low of $7.98 The token then bounced back after the encouraging US inflation data, which came a few hours before the Fed delivers its interest rate decision. Render and other tokens should benefit if the Fed points to future rate cuts.  On the daily chart, as the token bounced back, it formed a bullish engulfing pattern, a popular sign of a reversal. At the time of writing, it was attempting to cross the 100-day Exponential Moving Average (EMA). Render has also rebounded above the 38.2% Fibonacci Retracement point. It also remains below the Woodie pivot point. Therefore, these gains should be taken with a grain of salt since the token has formed a double-top pattern.  A likely scenario is where it resumes the bearish trend as sellers target the key support at $7.9890, its lowest level this week. Arweave price forecast Arweave, a leading player in the Web3 storage industry, has been under pressure after peaking at $49.82 on May 18th. It has moved into a deep bear market after crashing by over 30% from that peak.  Arweave has crashed below the 50-day moving average and is hovering slightly above the first support of the Woodie pivot point. On the positive side, the token has formed what looks like an…

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Filed under: News - @ June 13, 2024 7:10 pm