Current Market Context
Render is one of the most promising altcoins in the current market, driven by the ongoing AI hype that boosts its adoption and visibility. We believe that Render is currently within its final macro bullish wave before a significant correction sets in. The wave structure indicates a diagonal movement, making it challenging and deceptive to trade effectively.
Our long-term projection for Render places the cycle top between $20 and $25, supported by technical and fundamental confluences. In the short term, Render is undergoing a mid-cycle correction, with Wave A and Wave B likely completed. We now expect the onset of Wave C, which should bring strong upward momentum in the coming weeks.
Detailed Observations
- Wave Structure Analysis
- The overall structure suggests that Render is in the final Wave 5 of the macro cycle.
- Within this wave, the diagonal nature implies overlapping sub-waves, creating false signals and making the trend more difficult to navigate for traders.
- Recent price action indicates that the corrective Wave B has concluded, and we are at the early stages of Wave C, which should propel Render higher.
- Fibonacci Retracement Levels
- The Wave A correction retraced to key Fibonacci levels, with price finding support near the 0.618 ($5.58) and 0.786 ($4.55) levels. These zones represent a solid base for the bullish continuation.
- The mid-cycle correction aligns with historical support zones, reinforcing our bullish outlook.
- Projected Targets
- Based on Fibonacci extensions and prior wave behavior, we anticipate Wave C to target the $20-$25 zone.
- This range aligns with the upper boundary of the diagonal movement and marks a significant psychological resistance level.
Key Points to Monitor
- Wave C Momentum:
- A strong breakout above the previous highs near $9 will confirm the start of Wave C.
- Sustained volume and momentum are critical for reaching the $20-$25 target zone.
- Support Levels:
- The $5.58 (0.618) and $4.55 (0.786) levels remain key invalidation zones. A breakdown below these levels would suggest a deeper correction and delay the bullish scenario.
- Diagonal Nature of the Move:
- The overlapping waves within this diagonal movement require close monitoring, as they can create false breakout or breakdown signals.
Conclusion
From our perspective, Render is at the cusp of a significant bullish move. The completion of Wave B and the expected onset of Wave C should drive strong upward momentum in the coming weeks. While trading this diagonal movement is challenging, the overall structure remains bullish, with a long-term target of $20-$25 before a larger correction.
We remain optimistic about Render’s potential in this macro cycle, bolstered by its fundamental AI-related narrative and technical outlook. Let us know if you’d like a deeper dive into specific indicators or wave dynamics!