The cryptocurrency market remains tense as geopolitical issues worsen, negatively impacting leading assets like Ethereum and Render.
Impact of Geopolitics on Cryptocurrencies
Geopolitical tensions between Israel and Iran are putting pressure on global financial markets, including cryptocurrencies. This has resulted in Ethereum (ETH) dropping from a monthly high of $2,877 to around $2,386.
Render (RENDER) Price Analysis
The current market environment has also adversely affected RENDER, which lost 12% of its value in the past week, bringing its monthly losses to 43%. However, a closer examination of the chart reveals a potentially bullish structure similar to the breakout model of 2024.
Outlook for RENDER
For the bullish scenario to develop, RENDER must hold the support level between $2.57 and $3.10, break above the short-term resistance, and reclaim the 100-day moving average. A successful breakout could see the price reaching $9.90.
Despite the potential for growth, it is important to consider the overall instability of global markets. Traders are advised to proceed with caution and wait for clear confirmations before entering the market.
