- Bitcoin crossed $102K and Ethereum surged 17% to trade above $2,200, lifting sentiment across major altcoins including Render (RENDER).
- RENDER has gained over 7% today and 61% monthly, forming a double bottom reversal pattern with a successful breakout above $4.20 neckline resistance.
- The token is currently testing key resistance at $4.91 after retesting and holding the breakout zone around $4.20.
- A confirmed breakout above $4.91 could trigger a rally toward $6.18, representing potential gains of over 28% from current levels.
Date: Fri, May 09, 2025 | 06:30 AM GMT
The cryptocurrency market continues to build on its recent strength, with Bitcoin (BTC) and Ethereum (ETH) leading the charge. In the past 24 hours, BTC has crossed $102K while ETH has climbed more than 17% and is now trading above the $2,200 mark — its highest level in months. This resurgence is also helping to lift sentiment across major altcoins, including Render (RENDER).
The AI-focused token has surged over 7% today, bringing its monthly gains to an impressive 61%. Now, current price action suggests that more upside may be on the way.
Testing Key Resistance
On the daily chart, RENDER has been forming a classic double bottom reversal pattern. After hitting lows near $2.52 in March and again in early April, the token bounced strongly and pushed up toward the neckline resistance at $4.20. This neckline was successfully broken on April 20, confirming the bullish reversal and sparking a rally to the $4.91 level — the upper boundary of a key resistance zone (blue box).
As is typical in technical breakouts, price briefly pulled back to retest the breakout zone around $4.20. That retest held firm, and now RENDER is once again surging upward, currently trading near $4.80, just below the crucial $4.91 resistance level.
A confirmed breakout above $4.91 could open the door to a powerful rally toward the next major resistance near $6.18 — a potential gain of over 28% from current levels. This area marks a strong supply zone where bulls may face some selling pressure, but the overall structure remains bullish.
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