Date: March 15, 2025
The cryptocurrency market is showing signs of stabilization, with Bitcoin ($BTC ) rebounding by over 3% today, recovering from its weekly low of $76,000 to its current price of $84,000. Following the significant rallies of late 2024, many altcoins, including Render ($RENDER ) and The Graph ($GRT ), have undergone substantial corrections. Over the past 90 days, RENDER has declined by 64%, while GRT has experienced a 77% drop.
However, amid the broader market recovery, both RENDER and GRT have posted daily gains of over 7% and 6%, respectively, as they approach critical resistance levels within their respective falling wedge formations. A successful breakout could potentially mark the beginning of a sustained recovery for these assets.
Render (RENDER) Technical Analysis
A review of RENDERās daily chart reveals a falling wedge pattern, a classic bullish reversal setup, which emerged after the token was rejected from its December 6 high of $11.86. The subsequent downtrend led to a 75% correction, bringing RENDER to a low of $2.52 on March 11.
Currently, RENDER has rebounded to $3.20 and is approaching the upper resistance of the falling wedge. A confirmed breakout above this level, followed by a successful retest, could propel the token toward the next key resistance zone at $4.83, which aligns with the 50-day moving average (MA). A sustained breakout beyond this point could see RENDER test the 100-day moving average and the $6.19 price level, representing a potential 94% rally from current levels.
The Graph (GRT) Technical Analysis
Similarly, GRT has been trading within a falling wedge pattern since peaking at $0.3483 on December 5. The prolonged correction led to a 77% decline, bringing GRT to a low of $0.080 on March 11.
At present, GRT has rebounded to $0.095 and is nearing the upper resistance of the falling wedge. A breakout above this level, supported by strong buying momentum, could push GRT toward its next key resistance at the 50-day moving average and the $0.1480 level. If bullish momentum persists, GRT could further rally toward the 100-day moving average and the $0.19 range, offering a potential upside of 101% from current levels.
Can a Breakout Trigger a Market Recovery?
Both RENDER and GRT are at crucial technical levels, with their price action forming bullish falling wedge patterns. If these tokens successfully break above their resistance levels and confirm their uptrend with strong trading volume, they could witness significant upside potential in the coming weeks.
However, broader market sentiment, Ethereumās price action, and macroeconomic conditions will play a pivotal role in determining whether these breakouts lead to a sustained recovery or remain short-lived.
Conclusion
While the technical indicators for RENDER and GRT present a promising outlook, their future trajectory will depend on market dynamics and external economic factors. Investors should closely monitor key resistance levels and broader market trends before
making strategic decisions.