Blue chip altcoins Render (RNDR) and Injective (INJ) down 50%+ – time to buy?

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Two popular alternative cryptocurrencies, RNDR and INJ, have experienced significant price declines due to the ongoing crypto market adjustment. Could this be an opportunity to invest in them before the next bull run?

$RNDR holding support on previous bull market top

To fully understand and value the proposition of Render (RNDR), it is beneficial to widen your perspective on the weekly chart. The peak of the previous bull market in November 2021 lies to the left, while the price movement during this current bull market unfolds to the right.

The $RNDR price has experienced a significant decrease of approximately 56% from its recent peak of $13.62 – a new record high. This downturn aligns with Fibonacci extension levels. Specifically, the price peaked just shy of the 1.618 extension level, and subsequently corrected to nearly touch the 0.618 support level, marking a substantial price correction.

Currently, the price seems to be maintaining its position near the peak of the previous bull run, thanks to the significant bearish candlestick last week. This large wick down indicates that buyers might prevent any further price declines, making it an opportune moment to consider entering a position for potential gains in this ongoing bull market.

$INJ respects fibonacci levels perfectly

When considering Injective Protocol (INJ), looking at the bigger picture on a weekly chart provides more clarity. The price climbed as high as reaching the 3.618 Fibonacci level, only to subsequently experience a significant drop.

The correction amounted to 66% in total, as the price plummeted to hit the robust support at $17. Notably, Fibonacci levels have significantly influenced the price of $INJ, with prices adhering closely to these levels. At present, the price hovers above the 1.618 Fibonacci level, a position that could potentially serve as resistance due to the large wick below and the bulls’ swift purchase following the correction.

If you were able to acquire that wick low, the remaining portion of the $INJ bull market may bring significant gains. For those yet to join the trend, the price level remains relatively low compared to its March value. Daring investors might reap the rewards?

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2024-04-16 14:07