Bitcoin Hits New ATH at $93.5K: Rectangles Trading Reveals TIA, ADA, RNDR Pumps Inbound in Altcoin Market

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The altcoin market is full of noise as Bitcoin slams a new ATH, but here's what rectangles trading reveals above TIA, RNDR, and ADA prices.

The altcoin market is noisy as Bitcoin slams a new ATH, but here’s what rectangles trading reveals above TIA, RNDR, and ADA prices.

Bull markets can feel chaotic and complicated when it comes to finding an entry when many altcoins’ prices are flying in a volatile market bolstered by a new Bitcoin all-time high.

Yet, it doesn’t have to be this way. This article will focus on a specific Technical Analysis(TA) price pattern – the rectangle – and explore how it can cut through the noise.

Many altcoins are consolidating after the summer retrace and have formed potential bottoms amid renewed strength from Bitcoin.

(Source)

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What are Rectangle Setups When Trading Altcoins?

The rectangle setup is a popular technical analysis setup, conveniently explained in the post by Chartered Market Technician Aksel Kibar below.

Through a technical analysis lense, a rectangle pattern occurs when a price moves between parallel support and resistance levels.

Analysts consider that the appearance of this pattern indicates a period of consolidation or indecision between buyers and sellers.

By monitoring these rectangle pattern levels, a trader can spotlight positions to long or short.

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Which Altcoins Are Forming Alluring Rectangle Patterns in the Crypto Market?

Now that we understand a rectangle pattern, let’s look at a few altcoins that are starting to break out of rectangles or bottoms and ones that are still range-bound.

We’ll start with Cardano (ADA) ada-cardano icon ada-cardano icon Price Trading volume in 24h Last 7d price movement and look at the weekly timeframe—a rather long timeframe.

ADA price entered the rectangle in early 2023. Most altcoins I would look to trade will have consolidated and formed rectangles throughout the summer, but that is not the case with ADA.

(ADA/USDT)

The upper resistance level of the rectangle was tapped once before ADA price broke under. Then, two further taps followed at the lower trendline (above $0.23) – providing a layer of double-bottomed support to bolster market confidence.

Understandably, this was followed by a one-tap re-test of the upper resistance level at $0.78 early this year. And now we are at the second re-test tap—a make-or-break moment for the ADA price.

I should note that according to technical standards, this is not an ideal rectangle, as we would like to see at least three taps.

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Moving on to another example, Celestia (TIA) tia-celestia icon tia-celestia icon Price Trading volume in 24h Last 7d price movement , which underwent a bull market retrace during the summer, before entering a rectangle pattern between $4 and $7 – forming a more acceptable technical bottom for breakout trading

Looking for altcoins good for trading. Finding entries in the bullmarket and looking at technical analysis chart pattern.

(TIA/USDT)

On this altcoin, we can see multiple taps and deviations in the daily timeframe, both on the upper resistance and lower support levels.

Ideally, traders want to see a daily candle break and close above the green line/level—this would confirm a breakout that could be longed for. Yet, for now, it seems TIA remains mid-range.

(RNDRUSDT)

While TIA and ADA tease the potential of a breakout, one bullish confirmation currently underway is RNDR, which smashed above a 3-month rectangle between $4.2 and $6.6 earlier this month – to break up to a higher support level seen earlier in 2024.

This demonstrates the potential of rectangles for identifying good long positions and can help you cut through the altcoin market noise.

Happy trading, and stay safe!

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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PetarT
PetarT

Petar entered the crypto world in 2021. His main interest in crypto is charting and trading. What drew him in was his love for math, logic and seeing price move on the charts. He started trading immediately, but realised he... Read More

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