Date: Fri, February 14, 2025 | 04:27 PM GMT
The cryptocurrency market’s major altcoins are showing signs of recovery after weeks of correction. Bitcoin dominance has dropped by 2.21% over the past seven days, now sitting at 60.50%, suggesting that altcoins might be gearing up for a rebound.
Following this trend, two top altcoins, Polygon (POL) and Render (RENDER), are gaining momentum with noticeable weekly gains after experiencing deep corrections of over 45% in the past two months.
Both tokens are now approaching key resistance levels within their falling wedge patterns, signaling the possibility of a bullish recovery.
Polygon (POL)
Polygon (POL) has been stuck in a falling wedge since December 3, when it got rejected at $0.77. Recently, the price plunged to $0.24, testing the lower trendline of the wedge, but it has since started to recover.
Currently, POL is trading near of $0.32 and inching closer to the upper trendline of the wedge. If POL successfully breaks out and confirms a support retest while crossing the 25-day SMA, it could send POL towards the upside resistance levels of $0.42 and $0.54, representing a potential gain of 68% from its current price.
The MACD indicator is showing early signs of bullish divergence, with the MACD line crossing above the signal line. If this momentum continues, it could reinforce the breakout scenario for POL.
Render (RENDER)
Similar to POL, Render (RENDER) has also been forming a falling wedge pattern after facing strong rejection from its December 5 high of $11.50. The correction brought RENDER down to $3.70, where it found support at the lower trendline of the wedge.
Currently, RENDER is trading at $4.69 and is moving towards the upper trendline of the wedge. If RENDER successfully breaks out and confirms a support retest while crossing the 25-day SMA, it could push RENDER toward the upside resistance levels of $6.94 and $9.17, representing a 91% potential gain from its current price.
The MACD indicator for RENDER is also showing bullish signals, with the histogram turning positive and the MACD line beginning to cross above the signal line. This could indicate growing momentum for a potential breakout.
What’s Next?
With POL and RENDER nearing crucial breakout levels, traders should keep a close eye on their price action in the coming days. A breakout from the falling wedge pattern could trigger a strong rally, but overall market conditions, including Bitcoin dominance and Ethereum’s price movement, will play a key role in determining whether altcoins can sustain their recovery.
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