Date: Sat, February 22, 2025 | 04:18 PM GMT
In the cryptocurrency market this week, major altcoins are showing signs of recovery after facing a significant correction over the past 60 days. Among them, Render (RENDER) and Injective (INJ) have recently tested key support levels and are now displaying signs of a potential reversal.
Render (RENDER)
The weekly chart of RENDER reveals that the price has been following a descending triangle pattern for nearly a year. After reaching a high of $11.90 in December, the price faced strong rejection from the upper trendline, leading to an extended correction.
This decline pushed RENDER into a critical support zone between $3.30 and $4.14, an area where strong buying interest emerged. The price tested this level and successfully bounced back, currently trading around $4.31.
If bullish momentum continues, the first major hurdle for RENDER is 100-day moving average. A sustained breakout above this level could confirm an upside reversal, potentially pushing the price toward the descending triangle’s upper trendline near $10.00.
Injective (INJ)
Similarly, INJ has been trapped within a descending triangle for the past year. After being rejected from the $35.32 resistance zone in December, INJ entered a deep correction phase.
This correction led INJ to test a strong support zone at $12.50 – $15.00, an area where buyers stepped in to prevent further decline. Currently, INJ is trading at $15.50, showing early signs of a rebound.
If momentum shifts in favor of the bulls, the next resistance level sits with 100-day moving average. A breakout above this level could open the door for a rally toward $24.00, followed by a potential retest of $30.00 if buying pressure strengthens.
Final Thoughts
Both RENDER and INJ have successfully defended their crucial support zones, showing resilience despite the broader market downturn. If bullish momentum strengthens, these assets could see strong recoveries in the coming weeks. The MACD indicators for both charts suggest fading bearish pressure, hinting at a potential shift in trend. However, confirmation will require a breakout above key resistance levels before a sustainable rally can be expected.
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