The markets are heading towards the monthly close, which is expected to have a huge impact on the upcoming quarterly close. Historically, August has not attracted any major bullish action and hence the markets appear to be following the historical pattern. However, altcoins like Fantom, Render, and Theta have broken above the range, intending to close the monthly trade on a bullish note.
Fantom (FTM) Price Analysis
The Fantom prices have been trading within a descending parallel channel and the latest rise helped the token surge above the average bands. The price has pierced beyond the supertrend levels, which may hint towards a potential shift towards the bullish trend. However, the DMI displays some possibility of a pullback, as after a bullish crossover, the +Di has diverted from maintaining a steep rise. Therefore, the FTM price may face a small pullback, as only a rise to the upper resistance of the channel may validate a change in the trend. Besides, a breach above the resistance may validate a rise from bearish claws, pushing the price close to $0.6.
Render (RENDER) Price Analysis
The RENDER price appears to have lost most of the profits gained since the beginning of the year as it trades an inch close to the yearly lows. Although the bulls have halted excessive price drain, they are failing to trigger a strong upswing, due to which the possibility of a pullback haunts the rally. However, the DMI is suggesting a potential flip from the bearish trend as the levels are heading towards a bullish crossover. Therefore, the Render price is expected to maintain a healthy rise and achieve 0.236 FIB at $5.88, which may eliminate the bearish influence over the rally.
Theta (THETA) Price Analysis
The THETA price is attempting to validate a bullish breakout beyond the upper resistance of the channel. The DMI is close to triggering a bullish crossover, which may certify a change from a bearish trend to a bullish. Therefore, the THETA price is believed to maintain a healthy upswing and reach the crucial resistance at $1.57. If the bulls fail to reach these levels, the price may remain stuck below the range for an extended period.
The pursuit of a positive monthly close by Fantom, Render, and Theta demonstrates optimism among market participants, despite historical skepticism regarding August. It will be interesting to watch the progress of these altcoins in the coming weeks and months.
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