Render (RENDER) Set for Further Gains? Important Harmonic Pattern Suggests Possible Upside Movement

Market Reaction to Powell's Remarks: The cryptocurrency market experienced a bullish trend after Jerome Powell suggested potential rate cuts in September, leading to a surge in Ethereum (ETH) and altcoins like Render (RENDER).

Render's Performance: RENDER saw a nearly 7% increase in the past hour, currently trading around $3.74, with indications of further upward momentum based on its chart structure.

Harmonic Pattern Analysis: RENDER is forming a Bearish Butterfly harmonic pattern, which typically signals a bullish continuation as it approaches the Potential Reversal Zone (PRZ).

Future Outlook for RENDER: If RENDER can maintain support at $3.41 and surpass the 200-day moving average ($3.89), it may rally towards significant Fibonacci extension levels between $5.07 and $5.56; otherwise, it could remain rangebound.