Date: Tue, February 25, 2025 | 04:35 PM GMT
The cryptocurrency market is witnessing a major bearish downtrend, with Bitcoin (BTC) dropping to $86K while Ethereum (ETH) experiences a 10% decline. This broader market sell-off has impacted top altcoins, including Render (RENDER) and Worldcoin (WLD), which have fallen by over 10% and 6%, respectively, extending their past 60-day corrections to more than 50%.
Amid these declines, both RENDER and WLD are testing key support levels and forming a double bottom pattern—a historically bullish reversal structure that could signal a strong comeback.
Render (RENDER) Analysis
RENDER’s weekly chart suggests the formation of a double bottom pattern after rejecting the $11.50 resistance in early December 2024. The price has now revisited its critical support range of $3.44, a level where buyers previously stepped in.
Despite today’s bearish momentum, RENDER has managed to hold this key support zone, indicating that demand remains strong. The MACD indicator is also flashing early bullish signs, with selling pressure appearing to weaken.
If RENDER gains momentum from here, a potential rally toward the $11.50 neckline could be in play, signaling a strong recovery if a breakout occurs.
Worldcoin (WLD) Analysis
Similar to RENDER, WLD is also forming a double bottom pattern on the weekly chart. After facing a strong rejection from the $4.19 neckline on December 2, WLD retraced to its major support level. Today, WLD tested the low of $0.97 and successfully held above this zone, currently trading at $1.07.
If WLD follows the double bottom structure, it could soon make a move back toward the $4.19 neckline, signaling a potential recovery.
The MACD indicator suggests that bearish momentum is fading, reinforcing the possibility of a trend reversal.
Will This Pattern Spark a Reversal?
At present, both RENDER and WLD remain in a critical zone. The double bottom structure suggests that as long as these tokens hold their key support levels, there is a strong chance for a bounce. However, the broader market sentiment—especially Bitcoin and Ethereum’s next moves—will be crucial in confirming any bullish reversal.
The confirmation of recovery will be when both tokens manage to cross their key moving average (MA) lines, signaling a potential shift in momentum and strengthening the case for a sustained uptrend.
Final Thoughts
If RENDER and WLD follow the double bottom pattern, a strong bullish trend could emerge. However, if they fail to hold their support zones, further downside could follow. Traders should closely monitor market conditions in the coming weeks before making any moves.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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