As a seasoned researcher with a knack for spotting promising opportunities in the cryptocurrency market, I have always believed that downturns are often the best times to invest. My experience has taught me that the path to significant gains is rarely smooth, and it’s during these challenging periods that the most substantial rewards can be reaped.
Could it be a smart move to invest when fundamentally robust cryptocurrencies experiencing a significant downturn – say, a 60% drop – are on the table? Given that RENDER has reached this correction point and appears to be approaching a strong level of support, might now be an opportune moment for purchase? Is this the time to consider investing?
The $RENDER journey so far
Many people are likely regretting not investing in $RENDER when prices were low towards the end of the previous bear market. The price peaked at around $8 during the 2021 bull market, only to plummet nearly 96% down to less than 30 cents.
For approximately six months, from mid-year to early 2023, a prolonged phase of scraping along the bottom occurred for the $RENDER price. This was followed by an upward trend, mirroring that of Bitcoin ($BTC) and other altcoins in the market.
While Bitcoin experienced an impressive surge of 373% from its low point, RENDER showed remarkable growth, soaring by an astounding 4900%.
After that point, it appears that $RENDER formed a double top and has declined since then. However, it might be approaching the bottom line now.
$RENDER about to break falling wedge pattern
Looking at the daily chart above, you’ll notice that $RENDER has dropped once more after reaching $11.85. For now, its short-term trend appears to be a falling wedge formation. As we approach the end of this wedge, a breakout is likely to occur, and these patterns typically break in an upward direction.
Supports are converging for $RENDER
When you take a step back, the possibility of a local bottom for $RENDER becomes more evident, as various supports seem to be drawing together. The price is moving towards the trend line, a horizontal level of support, and the 0.786 Fibonacci level.
Purchasing near these support points might prove beneficial, particularly if the cryptocurrency bull run resumes. But if the value falls beneath $5.30 and transforms into resistance, it may mean several more challenging months until another chance to reverse the trend arises.
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2024-08-01 15:08