The cryptocurrency market continues its downtrend, which started after the rallies in late 2024. Ethereum has fallen to $1,900, putting pressure on the entire altcoin market.
Current Market Situation
After the rallies in late 2024, the cryptocurrency market has shown a downward trend again. In the last 24 hours, the price of Ethereum has dropped by over 8%, impacting the dynamics of altcoins. AI tokens like Render (RENDER) and Near Protocol (NEAR) have also dropped by more than 7% and showed substantial corrections over the past 90 days.
Render Token (RENDER)
The weekly chart of RENDER shows a clear descending triangle pattern. Since December 2024, after peaking at $11.90, the price has faced multiple rejections from the descending trendline, leading to an extended correction. Currently, RENDER is trading around the $2.80 demand zone, which previously acted as a strong resistance level. This area is historically associated with bullish reversals, making it critical for potential bounce observation.
Near Protocol (NEAR)
Like RENDER, NEAR has also been forming a descending triangle pattern on the weekly timeframe. After peaking at $8.24 in December, the price has declined steadily due to repeated rejections from the upper trendline. At present, NEAR is trading near the $2.40 support zone, which is a critical level for potential reversals. Selling pressure is weakening, indicating a possible trend shift if NEAR manages to hold above this level.
Both RENDER and NEAR are at critical support levels that have previously served as key turnaround points. Despite signs of weakening selling pressure, the overall bearish trend remains, requiring the support zones to hold and key moving averages to be reclaimed for a confirmed reversal.
