The cryptocurrency market is starting to recover after recent corrections, with Ethereum (ETH) rising over 3%. This positive sentiment is affecting other major altcoins, including RENDER.
Cryptocurrency Market and Improved Sentiment
The cryptocurrency market is showing signs of recovery after recent corrections. Ethereum (ETH) has increased by over 3% today, indicating an improvement in overall market sentiment.
Comparison of RENDER and ENA
The RENDER token rose by 5% today, extending its monthly gains to 37%. Technical analysis shows RENDER is forming a bullish fractal similar to the recent breakout of Ethena (ENA). A direct comparison of the RENDER and ENA charts reveals nearly identical price movements. ENA previously broke from a textbook falling wedge, leading to a 66% surge.
Outlook for RENDER
If the fractal continues to unfold, a breakout above $4.69 could trigger a strong rally targeting around $7.00. However, RENDER needs to stay above its 100-day moving average support near $4.02 to maintain the bullish setup.
Current trends in the cryptocurrency market and bullish patterns exhibited by the RENDER token may indicate potential continued growth, provided certain support levels are maintained.
