With Bitcoin trading under $90,000 for the first time since November 2024, the altcoins are on a declining trend. With multiple altcoins struggling to hold critical support levels, Render is at risk of a potential breakdown.
Will this breakdown result in a massive crash in Render towards the $1 psychological mark? Let’s find out.
Render Price Analysis: A Bearish Outlook?
In the weekly chart, the Render price trend reveals a massive downfall after reaching a swing high of $11.75. However, the bullish trend failed to sustain momentum, resulting in a quick reversal in the Render price in early December.
Since the bullish exhaustion, the Render price trend has dropped nearly 65% in market valuation. Currently, the altcoin trades at a market value of $3.72, with a downfall of 10.71% this week.
This marks its second consecutive bearish week, accounting for a 14% drop, and a 17% fortnightly drop. Since December, Render has failed to mark more than three bullish weeks, maintaining a clear bearish trend.
With the declining trend, the weekly RSI line is now close to reaching the oversold boundary level. Furthermore, the 50 and 100-week EMA lines warn of a potential crossover.
Thus, the technical indicators warn of a potential crash in the Render price trend. Furthermore, the Render token price is close to the $3.60 support level.
In case of a bearish continuation below this critical support, the downfall in Render will gain significant momentum. Based on the weekly chart, the downfall in Render will likely test the support levels at $2.73 or $1.19.
Analyst Prediction: Will Render Break Below $3.30?
As per Ali Martinez, a crypto analyst, the altcoin is set for a massive downswing. In his recent tweet, the analyst presents crucial support for Render at $3.30.
In case the altcoin breaks under this support level, it will likely take a downswing towards the $1 psychological support. However, the lower price rejection in the past few weekly candles near the $3.60 support level hints at a potential bounceback.
In case of a bullish reversal, the 100-day EMA line at $5.81 is the immediate key resistance. This marks an upside potential of 40% for Render if it sustains dominance above $3.60.
On the flip side, the downside risk extends from 27% to nearly 70%.