Date: Sat, March 15, 2025 | 04:08 AM GMT
The cryptocurrency market is showing signs of stabilization as Bitcoin (BTC) has rebounded over 3% today, recovering from its weekly low of $76K to the current price of $84K. After experiencing a significant downtrend since the late 2024 rallies, altcoins like Render (RENDER) and The Graph (GRT) have suffered heavy corrections of 64% in the last 90 days.
As the market stabilizes, both tokens are up over 7% and 6% today, approaching key resistance levels within their respective falling wedge patterns. If they manage to break out, it could mark the beginning of a recovery.
Render (RENDER) Analysis
RENDER’s daily chart (see below) reveals a falling wedge pattern, a bullish reversal formation that started after its rejection from the December 6 high of $11.86. The sharp correction saw RENDER drop over 75%, reaching a low of $2.52 on March 11.
Currently, RENDER has rebounded to $3.20 and is closing in on the upper resistance of the falling wedge. A successful breakout and retest could push RENDER toward the next key resistance zone at $4.83, aligning with the 50-day moving average (MA).
A strong breakout above this level could send RENDER toward the 100-day moving average and the $6.19 price zone, marking a potential 94% rally from current levels.
The Graph (GRT) Analysis
Like RENDER, GRT has been trading within a falling wedge since peaking at $0.3483 on December 5. The prolonged downtrend saw GRT plummet by 77%, hitting a low of $0.080 on March 11.
GRT has now rebounded to $0.095 and is approaching the upper resistance of the falling wedge. A breakout and retest could drive GRT toward its next key resistance at the 50-day moving average (MA) and the $0.1480 price zone.
A confirmed breakout above this level could send GRT toward the 100-day moving average and the $0.19 price zone, potentially delivering a 101% rally from current levels.
Could a Breakout Spark a Recovery?
Both RENDER and GRT are at critical turning points, forming bullish falling wedge patterns on their respective charts. If they successfully break above resistance and confirm a breakout with strong volume, they could see significant upside potential in the coming weeks.
The broader crypto market sentiment, Ethereum’s price action, and macroeconomic factors will play a crucial role in determining whether these breakouts lead to a full recovery.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.