When fundamentally sound cryptocurrencies with real world use cases get beaten down 60%, this is potentially a great time to get in. Render (RENDER) is at this correction level, and it is coming to an excellent level of support. Is this the time to buy?
The $RENDER journey so far
Many would be kicking themselves that they didn’t get into $RENDER at the bottom of the last bear market. The price reached a top of $8 at the top of the 2021 bull market, before crashing all the way down to just below 30 cents.
A long, 200-day period of scraping along this bottom ensued, before the $RENDER price finally started making its way up at the beginning of 2023, along with $BTC, and the rest of the altcoin field.
However, where $BTC made a majestic ascent of 373% from the bottom, $RENDER, on rocket boosters, made a whopping gain of nearly 5000%.
From there, $RENDER made a double top, and has been falling ever since. Nevertheless, the bottom may now be in sight.
$RENDER about to break falling wedge pattern
Source: TradingView
As can be seen from the daily chart above, $RENDER has fallen again since rallying up to $11.85. The local pattern it is within, for the short term, is a falling wedge. As the price is coming to the end of the wedge, a breakout would be expected to take place, and these patterns usually break to the upside.
Supports are converging for $RENDER
Source: TradingView
It’s when one zooms out that the potential for a $RENDER local bottom can be truly appreciated. Supports are all converging. The price is coming down to the trend line, horizontal support, and the 0.786 fibonacci.
Buying around these supports could work out well, especially if the crypto bull market recommences. However, if the price drops below $5.30, and turns that into resistance, it could be a few more torrid months before the next opportunity to turn things around.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
