May 28, 2024

The crypto market shows some improvement today, November 16, as Bitcoin rises above the $37,000 price level. With Bitcoin fast approaching $38,000, a rally to $40,000 will confirm the bull run in the crypto market. 

The potential rally is already evident in the prices of altcoins such as RNDR, AVAX, and KAS spiking in the last 24 hours. These top crypto gainers are outlined below with a forecast of their next possible price moves in the short term. 

Render (RNDR) – The Decentralized GPU Network 

Top Crypto Gainers on November 16 - RNDR, KAS, And AVAX

RNDR’s price at 4:49 am EST today, November 16,  is $3.03, with a 26.4% increase in its price in the last 24 hours. Also, RNDR has gained 28.5% in the last seven days as the buyers continue to dominate. 

Render’s new voting feature is likely driving the price gains of its token and community adoption. 

With the ongoing Solana Upgrade, the Render Network Foundation has unveiled plans for a Solana Voting system. This voting system will enable community members who have upgraded to RENDER SPL to partake in network governance.

Remarkably, the new Solana voting system functions similarly to the Snapshot voting system previously used on the Render Network. So, when a vote is available on Nation, the Render Network team will send a Nation link to the voting proposal. 

The link will connect users with their Phantom or other Solana-compliant wallets. 

Then, Nation will calculate voting power by taking a snapshot of the blockchain at the time the proposal was created. This will ensure a proper account of a user’s tokens at the time of the proposal creation.

This new feature will likely attract more users to the ecosystem and increase the value of RNDR tokens. On the daily chart, the green candles confirm the bullish sentiment for RNDR tokens. 

RNDR Enters Overbought Region: Will The Rally Continue?

Top Crypto Gainers on November 16 - RNDR, KAS, And AVAX

RNDR is in an uptrend on the daily chart, forming a second consecutive green candle as the bulls continue to rally. Notably, RNDR snapped out of a downtrend on November 15, forming a Maribozu candle on the daily chart. 

Also, RNDR buyers flipped the $2.55 resistance level to support, forcing a rally to the $2.98 resistance level. The Relative Strength Index (RSI) indicator has entered into the overbought region, confirming the bullish sentiment.

Remarkably, the RSI displays a value of 72.21 and will likely continue to rise if the buyers persist. 

Also, the Moving Average Convergence/Divergence (MACD) indicator displays a buy signal. This signal is confirmed by the green Histogram bars as the buyers uphold the ongoing accumulation phase. 

RNDR will likely break above the $2.098 resistance level in the coming days and rally to $2 if the buyers persist. 

Kaspa (KAS) – The Open-Source Layer-1 Solution 

Top Crypto Gainers on November 16 - RNDR, KAS, And AVAX

KAS is trading at $0.13 at 4:57 am EST, with a 33.8% surge in the last 24 hours. Remarkably, it has gained 55.7% on its price in the past week, confirming that the bulls have the upper hand. 

The network developers are hosting a $1 million airdrop event to commemorate the two-year birthday of the Kaspa project. This event is likely to attract more investors to the network, evidenced by the spike in KAS prices. 

According to available information, this airdrop will feature customized Kaspa-inspired NFT collections with $1 million worth of KAS tokens. Participants who complete the tasks will get customized KASBOT NFTs for free.

These NFTs make them eligible for the $1 million KAS airdrop. 

The developers revealed that the NFT supply is at a maximum of 3 million, and the supply will be capped at the end of the event. This event is likely driving more investors to the Kasper ecosystem, leading to impressive price gains.

Also, UpholdInc has simplified the purchase of $KAS directly from kaspa.org. This will likely encourage more investors to accumulate the KAS tokens. Additionally, Kasper Network offers investors a secure framework for donations using NOWPayments.

This will help fundraising activities and make them quite accessible, providing cross-border payment solutions. Also, Kaspa’s reliance on GHOSTDAG differentiates it from other Proof-of-Work (PoW) protocols.

Notably, the GHOSTDAD enables blocks to co-exist while ordering them in consensus. 

However, Kaspa Network remains committed to the founding principles guiding Bitcoin laid down by Satoshi Nakamoto. This comparison with Bitcoin gives Kasper more visibility in the crypto market.

On the daily chart, KASPA shows impressive gains as buyers continue to uphold the uptrend. 

KAS Testing $0.129 Resistance Level: Will It Break Above?

Top Crypto Gainers on November 16 - RNDR, KAS, And AVAX

KAS has formed three consecutive green candles on the daily chart with higher highs. The asset price broke above the $0.093 resistance level on November 15 and is presently testing the $0.129 resistance level. The long upper wick of today’s candle suggests massive pressure from the buyers, leading to an uptrend. 

However, the sellers are also active, and traders should pay attention to the close of today’s candle for confirmation. Remarkably, KAS is trading close to the upper band of the Donchian Channel, confirming control from the bulls. 

Also, the RSI indicator is rising with a value of 85.30, showing an ongoing accumulation phase. Although KAS is already in the overbought region, the buyers are still determined to continue the rally. Therefore, KAS will likely break above the $0.129 resistance level in the coming days if the bulls sustain their charge. 

Avalanche (AVAX) – The Smart Contract Platform 

Top Crypto Gainers on November 16 - RNDR, KAS, And AVAX

AVAX’s Price at 5:08 am EST today is $23.22, with a 22.4% increase in the last 24 hours. Impressively, AVAX has gained 76.35 in the last seven days as the bulls continue the accumulation phase.

Avalanche’s support for Citi FX solution under Project Guardian is aiding AVAX’s price gains. 

Avacloud, a product of AVA Labs, was utilized by Citi to test blockchain infrastructure for pricing and execution of simulated FX trades. These trades are hosted on the Avalanche Evergreen Subnets. Remarkably, the Proof of Concept from Citi is a part of Project Guardian.

This project is a collaborative effort between the Monetary Authority of Singapore (MAS) and the financial industry. This new on-chain solution was built with support from the Avacloud blockchain service.

It aims to track real-time streaming of price quotes and record trades executed on Avalanche. 

The Citi on-chain application is enabled by Avalanche Warp Messaging (AWM), which is an interoperability tool on Avalanche. The AWM enables on-chain communication between chains on the network without needing third-party bridges.  

Also, Onyx by J.P Morgan and Apollo Global are leveraging Avalanche as part of Project Guardian

The Project Guardian initiative conforms with Aca Labs’ mission to provide the necessary tools and technology for tokenizing real-world assets. These integrations are likely driving AVAX’s gains on the daily chart, with green candles confirming the ongoing accumulation. 

AVAX Finds Support At $20.77, Is $23.5 Possible? 

Top Crypto Gainers on November 16 - RNDR, KAS, And AVAX

AVAX flipped the $20.77 resistance level to support today after forming three consecutive green candles on the daily chart. The asset rallied between November 10-12 and retraced on November 13 as the sellers re-entered the market.  

However, the buyers rallied again from November 14 and are attempting to break above the $23.47 resistance level. Notably, the RSI indicator displays a value of 81.18 and is rising in the overbought zone as the buying pressure mounts. 

Additionally, the MACD shows a strong buy signal confirmed by the green Histogram bars. Therefore, based on the bullish indicators, AVAX will likely break above $23.47 in the coming days to trade at $23.5. 

Bitcoin ETF Token (BTCETF) – The Utility Token For Long Term Rewards 

Bitcoin ETF has officially broken above the $800,000 mark in its ongoing presale. BTCETF utility token was created at the peak of the ongoing speculation surrounding Bitcoin ETFs’ approval. 

Investors can purchase the BTCETF token with ETH, USDT, or bank cards at $0.0054 for each token. However, a price increase is coming up in less than five days, granting early investors massive rewards. 

Why Choose Bitcoin ETF Token?

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Based on the ongoing speculation surrounding Bitcoin ETF approval, investors need to position themselves to profit from the approval. The approval of these ETFs will give the crypto market a facelift, sending Bitcoin to higher highs and sparking an altcoin rally.

Secondly, the staking utility of the BTCETF tokens enables holders to earn extra rewards. According to tokenomics, one-quarter of the total supply is dedicated to staking rewards to encourage users to stake their tokens. 

Notably, over 94.32 million tokens have been staked, showing rising interest from investors for the BTCETF tokens. 

Additionally, the token burn mechanism of the Bitcoin ETF platform will preserve the long-term value of the project. 25% of the total supply will be burnt at notable milestones, granting holders more value.

Overall, Bitcoin ETF might be the breakout presale of 2023 amidst the ongoing revival in the crypto market. 

Conclusion 

The much-anticipated bull run in 2024 seems to have come early, considering the ongoing rally. Although the rally is driven largely by speculation surrounding Bitcoin ETFs, developmental activities are on the rise. 

But if the ETFs are eventually approved, most altcoins will likely see a surge in value.

Therefore, the bull run in 2024 could be quite memorable for most cryptocurrencies. Nevertheless, price volatility remains constant in the crypto market, and one negative event could cause a sharp decline in prices. 

So, investors should consider diversifying their portfolios and applying risk management techniques. 


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