The cryptocurrency market has been known to be unpredictable, with even the most promising assets experiencing significant price swings. Render (RENDER) is one such example, having seen its price plummet by 60% in recent times. However, as the old adage goes, “when the going gets tough, the tough get going.” Could this be the perfect opportunity to get in on the action?
A Look Back at Render’s Journey
Render’s price reached an all-time high of $8 in 2021, only to crash down to just above 30 cents during the last bear market. The asset then spent over 200 days stuck in a rut, before finally starting to rise again in early 2023. The price surged by nearly 5000% from its lows, outperforming even the mighty Bitcoin (BTC). However, after making a double top, Render’s price has been falling steadily ever since.
A Breakout in Sight?
The daily chart of Render’s price action reveals a falling wedge pattern, which is nearing its conclusion. As the price approaches the end of the wedge, a breakout is expected to occur, and these patterns often break to the upside. This could be a sign that Render is about to turn the corner and start its next leg up.
Supports Converging
When we zoom out to the larger time frame, the potential for a local bottom becomes clear. Supports are converging, including the trend line, horizontal support, and the 0.786 Fibonacci level. Buying around these supports could be a savvy move, especially if the crypto bull market were to recommence. However, if the price were to drop below $5.30 and turn it into resistance, it could be a few more months before the next opportunity to turn things around.
Conclusion
Render’s price has been beaten down by 60%, but could this be the perfect opportunity to get in? The asset is approaching key support levels, and a breakout from the falling wedge pattern could be imminent. If you’re looking to buy into Render, now might be the time to do so. However, it’s essential to keep a close eye on the price action and be prepared for any potential setbacks.
BitminerFactory is brought to life by Darrell Houghton, our astute publisher. With a deep-rooted passion for crypto and crypto mining spanning many years, Darrell’s unwavering enthusiasm fuels his daily quest for knowledge. He is eager to share the pivotal news stories of the day while also providing his own analysis and commentary with Bitminer Factory’s readers.
Source: Cryptodaily
