Date: Fri, June 06, 2025 | 02:46 PM GMT
The broader cryptocurrency market is showing signs of a strong recovery after a recent sharp sell-off, which was largely driven by an ongoing political standoff between Elon Musk and Donald Trump. This turmoil dragged Bitcoin (BTC) down to around $100,430 and Ethereum (ETH) to $2,387 earlier this week. However, both major assets have rebounded, with BTC now trading near $105K and ETH recovering to around $2,517. This rebound has spilled over to top altcoins like Render (RENDER), which is now catching the attention of bullish traders.
RENDER is back on the green track after bouncing from its 24-hour low of $3.48. A closer analysis of the charts reveals that the asset may be preparing for a continuation of its upward movement.
Bearish Cypher Harmonic Pattern in Play
The 4-hour chart of RENDER reveals a developing Bearish Cypher harmonic pattern—a popular technical structure often associated with a bullish continuation in the short term before a potential reversal.
The pattern started forming when RENDER peaked near $4.96 (point X), then dipped to around $3.63 (point A). This was followed by a bounce to $4.14 (point B), before a final leg down to approximately $3.48 (point C). From there, RENDER has kicked off a recovery, climbing toward the projected D point, which lies between $4.64 and $4.96.
This target zone is supported by key Fibonacci metrics: the 78.6% retracement of the XC leg and the 100% extension, both of which are commonly watched by harmonic traders. If this pattern completes, RENDER could deliver a potential upside of 20% to 29% from current levels.
What’s Next for RENDER?
The next few trading sessions are likely to be decisive. If the bullish momentum continues and RENDER breaks toward the $4.64–$4.96 resistance zone, it could draw in increased interest from short-term traders and algorithm-driven strategies that track harmonic formations.
For now, bulls seem to have the upper hand—but all eyes are on whether RENDER can maintain this upward path in the days ahead.
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