Date: Mon, March 17, 2025 | 03:56 PM GMT
The crypto market is showing some early signs of rebound as Bitcoin (BTC) has bounced back from last week’s low of $76,000 and is now trading near $83,000 — a promising shift after a choppy start to March. As sentiment gradually improves, altcoins like Render (RENDER) and Internet Computer (ICP) are beginning to stir, too.
Both tokens have taken a heavy hit over the past few months, but recent price action suggests they may be preparing for a trend reversal. Interestingly, both RENDER and ICP are now approaching key resistance levels within falling wedge patterns — a bullish technical setup that could signal a turning point.
Render (RENDER) Analysis
RENDER has been on a rough ride since peaking at $11.86 on December 6, losing more than 75% of its value during the correction and falling to a low of $2.52 on March 11.
But things may be changing. RENDER has recovered to around $3.23, getting closer to the upper resistance line of its falling wedge — a pattern often associated with bullish reversals. If it manages to break out and retest the wedge, the next key resistance lies around $4.83, aligning with the 50-day moving average (MA).
A decisive move above that level could open the door to the $6.19 zone, near the 100-day MA — potentially an 88% rally from where it stands today.
Internet Computer (ICP) Analysis
Much like RENDER, ICP has also seen better days. The token hit a high of $15.59 in early December, but has since crashed more than 65%, bottoming out at $4.84 on March 11.
Since then, ICP has started climbing again and is now trading around $5.89, approaching the resistance line of its own falling wedge formation on the daily chart. A successful breakout — especially if supported by a retest — could pave the way toward the $7.46 level, which lines up with the 50-day MA.
If bullish momentum continues, the next major target sits at $9.74, just under the 100-day MA, offering a possible 64% upside from current levels.
Could a Breakout Trigger a Broader Recovery?
RENDER and ICP are now at critical technical levels, and a breakout from these falling wedge formations could be the catalyst the altcoin market has been waiting for.
That said, it’s not just about breaking resistance — what matters is follow-through. Strong trading volume and confirmation retests are key to validating any breakout and avoiding false signals.
If both tokens can push past their wedge resistance zones, it could inject a fresh wave of optimism into the altcoin market. But keep in mind — broader market dynamics, including Ethereum’s performance, Bitcoin’s stability, and macroeconomic sentiment, will play a major role in deciding whether this is the start of a real recovery or just another short-lived bounce.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making any investment decisions in cryptocurrency.