The cryptocurrency market continues to show volatility, with Ethereum (ETH) trading around $4,300. In this context, attention is directed towards other altcoins like Render (RENDER).
Analysis of Current Ethereum (ETH) Prices
Ethereum (ETH) remains below its recent high of $4,954, marking a drop of over 13% in just a few weeks.
Price Behavior of Render (RENDER)
On the daily chart, RENDER continues to trade within a falling wedge, a structure that often resolves bullishly in the long term. However, in the short term, price action suggests more downside. In June, RENDER lost support from the 100-day moving average (100 MA), dropping around 34% to near $2.75. Currently, RENDER has slipped below its 100-day MA and is hovering around the critical support area of $3.30–$3.40.
Outlook for Render (RENDER)
If the same fractal continues, RENDER risks another correction towards the lower wedge boundary around $2.75, which would mark a potential 19% decline from current levels. On the other hand, if RENDER manages to reclaim its 100-day MA ($3.65), this bearish setup would likely be invalidated, opening the door for a recovery move.
Despite the current bearish sentiment, the falling wedge suggests a potential upward correction in the future. Investors should focus on key support and resistance levels to determine future trends.
