Date: Sat, March 29, 2025 | 05:25 AM GMT
The cryptocurrency market is witnessing renewed bearish pressure, wiping out the recovery gains from earlier this week. Ethereum (ETH) has declined by over 6% in the last 48 hours, dipping below the $1,900 mark, which has added selling pressure across major altcoins. Amid this downturn, top AI tokens Near Protocol (NEAR) and Render (RENDER) are also facing significant declines.
Gets Rejected at Key MA Resistance
Earlier this week, both NEAR and RENDER managed to break out from months of a downtrend within a falling wedge pattern, pushing their prices to the upside. However, both tokens faced strong resistance at the 50-day moving average (MA), which halted their momentum. This rejection, marked in the circled areas on the charts, suggests that the breakout rally lacked enough strength to sustain further upside movement.
The price action remains fragile as buyers struggle to regain control, highlighting the importance of BTC dominance in dictating further movements.
What to Expect Ahead?
BTC dominance is playing a crucial role in shaping the price movements of NEAR and RENDER. The current downturn in altcoins is largely attributed to Bitcoin’s dominance, which has surged from the 50-day MA support and is now approaching a key resistance trendline at 62.11%.
If BTC dominance faces rejection from this resistance, altcoins like NEAR and RENDER could see a strong rebound, potentially reigniting bullish momentum. On the other hand, if BTC dominance breaks out above this resistance, it could lead to another wave of downside pressure for altcoins, extending their recent losses.
Traders should closely watch Bitcoin’s dominance levels and whether it sustains above this crucial resistance or gets rejected. A rejection would likely provide a relief rally for altcoins, while a breakout could signal further downside risks.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before investing in cryptocurrencies.
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