The cryptocurrency market is beginning to recover as tensions between Israel and Iran ease. Ethereum and Render are showing notable increases.
Market Situation
The cryptocurrency market is displaying signs of recovery due to easing geopolitical tensions. Ethereum (ETH) has surged from a recent low of $2,113 to above $2,450, improving overall sentiment among alternative tokens, including Render (RENDER).
Technical Analysis of Render (RENDER)
On the 4-hour chart, RENDER has breached a falling wedge, a classic signal indicating the end of several weeks of downtrend. Additionally, the emergence of a bearish butterfly harmonic pattern suggests potential price surges before the pattern completes.
Future Growth Prospects for Render
The combination of a falling wedge breakout and the active butterfly harmonic pattern presents a promising outlook for RENDER's short-term trajectory. If the current bullish momentum holds and the price breaks above the 100-day moving average, it may confirm both patterns and trigger further upside.
Hence, the current state of the cryptocurrency market and the positive trend of RENDER indicate the possibility of further growth. However, traders should remain vigilant as failing to maintain support at $2.94 might result in consolidation or a pullback.
