The cryptocurrency market is showing signs of cooling after a recent rise in Ethereum (ETH). In this context, attention turns to the dynamics of the RENDER token.
Current Cryptocurrency Market Situation
Ethereum recently peaked at $4,780, followed by a decline to $4,440. This drop has pressured many altcoins, including RENDER.
Analysis of RENDER Chart
On the daily chart, RENDER displays a pattern of price behavior similar to previous movements. The current market structure for RENDER is forming within a falling wedge, which typically signals potential growth. However, akin to the situation in June, the token is now testing its 100-day moving average around $3.91 and the relative strength index (RSI), which creates some caution.
Prospects for RENDER
If RENDER falls below these levels, it might trigger a correction, bringing the price down to the wedge's lower boundary around $2.70. Nevertheless, if buyers can defend the 100-day MA and push the price above the recent high of $4.26, it may overturn the current bearish trend and lead to growth.
Currently, RENDER is at a critical level, and further price movements will depend on the actions of buyers and sellers in the market.
