Recent geopolitical events between Israel and Iran have notably impacted the cryptocurrency market, particularly Ethereum and RENDER.
General Trends in the Cryptocurrency Market
The cryptocurrency market is experiencing a significant downturn due to escalating geopolitical tensions. Ethereum (ETH) has lost about 8% in the last 48 hours, currently priced around $2,550. Altcoins, including RENDER, have also faced pressure.
Technical Analysis of RENDER
RENDER has seen a weekly decline of over 10%, but it is now showing signs of recovery. Technical analysis indicates that the token may be gaining strength for a potential bullish move. On the 4-hour chart, RENDER had been trading within a descending broadening wedge, a structure typically viewed as bullish. The token dropped from its May 23 peak of around $5.34 to a local bottom of $3.47 on June 6. Following the breakout on June 7, the price surged to $4.19, marking a short-term bullish reversal.
Future Prospects for RENDER
The next few candles could be crucial for bulls. If RENDER holds above the support zone of $3.47-$3.50 and manages to reclaim $4.19, the odds of a sustained rally will significantly increase. The measured move target from the broadening wedge sits near $5.71, which aligns with a previous supply zone and could potentially yield a 60% gain from current levels. Additionally, volume is starting to tick higher on bounces from wedge support, indicating renewed interest among bulls.
Against the backdrop of increasing geopolitical factors, the cryptocurrency market is showing volatility. The recovery of RENDER may signal positive trends for investors, especially if key support levels are maintained.
