Date: Fri, February 28, 2025 | 09:21 AM GMT
The cryptocurrency market is facing intense selling pressure as the correction that started after the November rally has now triggered panic among investors. Bitcoin (BTC) has dropped to $79K from its all-time high of $110K, while Ethereum (ETH) is currently trading at $2,100.
Amid this widespread downturn, two top altcoins—Artificial Superintelligence Alliance (FET) and Render (RENDER)—are also feeling the heat. FET and RENDER have recorded losses of 6% and 7%, respectively, over the past 24 hours, extending their month-long declines to over 35%.
Now, both assets are testing critical support levels, leaving investors wondering: is a rebound on the horizon?
Artificial Superintelligence Alliance (FET)
FET has been following a descending triangle pattern on the weekly chart for the past year. After reaching a high of $2.32 in early December, the price faced strong resistance at the upper trendline, leading to a prolonged correction.
Currently, FET is trading at a major support zone of $0.62—a level that has historically acted as a springboard for upward movements. If the price holds this level and breaks above the 100-day SMA, a bullish reversal could be on the cards. In such a scenario, FET’s next target would be the upper resistance trendline of the triangle.
Render (RENDER)
Similar to FET, RENDER has also been trading within a descending triangle pattern for nearly a year. After peaking at $11.90 in December, the token faced heavy resistance and began a prolonged decline.
Currently trading at $3.58, RENDER has entered a critical support zone where buyers have previously stepped in. If the token rebounds from this level, its first major hurdle will be the 100-day moving average. A sustained breakout above this point could signal a trend reversal, potentially driving RENDER toward the upper resistance trendline near $9.70.
Is It Time to Accumulate?
Both FET and RENDER are showing resilience at their respective support levels, but their next moves will depend largely on Ethereum’s performance and broader market sentiment. While technical indicators such as the MACD still suggest bearish momentum, a bullish crossover in the coming weeks could confirm a reversal.
As long as these support levels hold, there is a chance of a rebound; however, failure to maintain these levels could lead to a significant drop.
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