AVAX, INJ, and RUNE Hit Support: Is It Time to Buy?

Buy When the Market is Fearful?

In times of economic uncertainty, even Bitcoin holders may experience fear. Venturing into altcoins during such times requires a resilient mindset. Successful traders and investors often buy when the market is fearful, and currently, the market is indeed exhibiting signs of fear. The key question is whether this fear presents a buying opportunity or if further declines are imminent.

We are at a crucial juncture where the crypto market could either restart its bull run or face another significant downturn, potentially leading to an early bear market.

$INJ: Potential for a Bounce from Support?

Analyzing Injective Protocol ($INJ) on a weekly timeframe, the price is currently resting on previous market structure support. A weekly Stochastic RSI cross may be confirmed by the end of the week, which could signal momentum to push the price back to the $32 resistance level, and possibly beyond.

• Current Support Level: The price is maintaining well-defined support and resistance levels. If the price falls below the current $17.50 level, a strong support is located at $13.70.
• Potential Upside: A confirmed Stochastic RSI cross could indicate a bounce from the current support and a potential rise towards $32.

$AVAX: Stars Aligning for a Rebound?

Avalanche ($AVAX) has been ranging since early 2021, with an all-time high of $147 during the last bull market. The price has fluctuated around the significant resistance/support level of $21. With a likely confirmation of a Stochastic RSI cross above the 20 level by the end of this week, and finding support at $21 along with the 0.786 Fibonacci level, the conditions seem favorable for a rebound.

• Current Support Levels: Consider buying at the current level or down to $21 support, with a tight stop loss.
• Potential for Upside: The alignment of technical indicators suggests that $AVAX could head back to the upside.

$RUNE: A Great Position for a Buy?

Thorchain ($RUNE) is currently positioned well for potential gains. The price has recently broken through a downward trend line and has now retested this level, confirming the $3.90 price level as support. If this support level is breached, another strong support lies at $3.10.

• Upside Targets: Near to medium-term targets include $6 (0.382 Fibonacci), $8 (0.618 Fibonacci), and $9.60 (0.786 Fibonacci). The local high of $11.47 would need to be surpassed for a sustained rally.
• Key Support Levels: If the price breaks down through $3.90, watch for support at $3.10.

Conclusion

As the crypto market faces uncertain times, considering investments in altcoins like $INJ, $AVAX, and $RUNE could present opportunities. Each of these altcoins is at or near significant support levels, with technical indicators suggesting potential for rebounds. Investors should stay vigilant and consider these levels when making investment decisions.