Altcoins quickly recover losses

Table of Contents

• $KAS claws back first 10%
• $RNDR shrugs off pullback
• $BONK, the king of the meme coins

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.