Render (RENDER) Tests Crucial Support Level — Will This Pattern Lead to a Rebound?

Market Overview: The cryptocurrency market is experiencing a retracement, with Bitcoin and Ethereum dropping over 2% and 5%, respectively, leading to downward pressure on altcoins like Render, which has declined by 5%.

Triple Bottom Formation: Render has formed a Triple Bottom structure on the 4H chart, indicating potential bullish reversal as it consistently bounces off the $1.54 support level, suggesting accumulation by buyers.

Price Range Analysis: The price of Render is fluctuating between the support at $1.54 and the resistance at $1.78, with the current retest of the support zone indicating a possible upward movement if the support holds.

Future Projections: A successful hold above $1.54 could lead to a breakout towards $1.78, while a drop below $1.50 would invalidate the bullish setup and shift focus to lower support levels.