This one indicator is starting to propel altcoins higher

This one indicator is starting to propel altcoins higher

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One of the most reliable indicators for powerful upward or downward movement has to be the stochastic RSI on the weekly time frame. Render (RNDR), Solana (SOL), and Arweave (AR) have all just had a cross up on this indicator and violent upside moves are starting to take shape.

$RNDR explodes out of the blocks

$RNDR is one of the leading altcoins that is possibly presaging what is to happen for the rest of the altcoin space should bitcoin (BTC) break out of its current doldrums and move up to test its all-time highs. $BTC is close to a cross upwards in its own weekly stochastic RSI, and therefore an explosive upside move could be close.

Source: Coingecko/TradingView

In the last two weeks $RNDR has exploded skywards, breaking the downward trend, and putting on 66% in just two weeks. The stochastic RSI has only just crossed up from the bottom, with the fast indicator line crossing above the slow line. With much more momentum coming into the $RNDR price as the indicator lines cross above the 20 level, the price surge could get a lot more violent. It looks like a lot more is to come from $RNDR.

$SOL has all-time high in its sights

Source: Coingecko/TradingView

$SOL is another altcoin where the stochastic RSI has only just crossed up on the weekly time frame. This has coincided nicely with a bounce for the $SOL price from the very strong support at $136. With the uptrend intact, $SOL will be looking to make a new local high, with the all-time high of $260 in its sights, perhaps before the stochastic RSI reaches its top.

$AR cup and handle pattern could take it to $77

Source: Coingecko/TradingView

Finally, Arweave (AR) has also just experienced a cross up on the weekly stochastic RSI. However, this was not from the bottom, so perhaps the impetus won’t be as powerful, or last as long as for $RNDR and $SOL. That said, the weekly chart looks very bullish for $AR. The uptrend has held and now the resistance at $40 has been flipped into support. A possible cup and handle chart pattern could take the price to $77.

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. 

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