$RENDER Chart Request 🚨
$RENDER has now broken below the rising channel support that had been acting as a key structure for several months.
Based on the current chart:
📉 Bearish Scenario (Higher Probability)
The channel breakdown has already been confirmed with a strong rejection from the upper region. Price is currently struggling to reclaim the broken support trendline. RSI has dropped toward the lower range, showing weakness in momentum rather than strength. If buyers fail to quickly push price back inside the channel, the breakdown remains valid.
Because of this, there is a high probability that
$RENDER continues moving lower into the highlighted drop zone during June.
\What Could Happen Next?
Scenario 1 (Most Likely):
Price continues lower from current levels. Minor relief bounces occur along the way. Eventually reaches the drop zone where stronger demand could appear.
Scenario 2:
Price performs a short-term relief rally. Re-tests the broken channel support from below. Gets rejected at that resistance. Then resumes the move toward the drop zone.
This re-test would trap late longs into believing the breakdown was a fakeout before another leg down.
Why I'm Bearish Here
✅ Rising channel structure has been broken.
✅ Lower-high formation is developing after the recent rejection.
✅ Momentum indicators are weakening.
✅ Market-wide conditions remain uncertain, making it difficult for weaker altcoins to sustain rallies.
✅ A channel breakdown after an extended uptrend often leads to a deeper correction phase before a new trend can begin.
My Current View
I would not be chasing longs here.
A relief bounce or channel re-test is absolutely possible, but unless it can reclaim and hold back inside the channel, I still believe the path of least resistance remains downward.
For now,
The channel support has been lost. A re-test is possible, but as long as price remains below that structure, the probability favors a move into the drop zone sometime this month. 🚨
#render