Blue chip altcoins Render (RNDR) and Injective (INJ) down 50%+ – time to buy?
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Two of the most promising altcoins have been beaten down heavily by the current crypto market correction. Is it time to buy $RNDR and $INJ now, before the bull market resumes?
$RNDR holding support on previous bull market top
Source: Coingecko/Trading View
To truly appreciate the opportunity that is being presented by Render (RNDR) one needs to zoom right out on the weekly time frame. The top of the previous bull market of November 2021 can be seen to the left, and then we have the price action of this current bull market to the right.
It can be observed that the $RNDR price has dropped 56% since making its new all-time high at $13.62. This also coincides with the fibonacci extension levels. It can be seen that the price topped just short of the 1.618, and that it corrected all the way down nearly to the 0.618 level, which is quite some correction.
The price currently appears to be holding support around the top of the previous bull market high. One needs to take into account the huge wick down last week, which gives a signal that buyers are probably not going to let the price drop further. Layering in a position here could be beneficial for the next part of this bull market.
$INJ respects fibonacci levels perfectly
Source: Coingecko/Trading View
As with $RNDR, the picture for Injective Protocol (INJ) becomes much clearer when zooming out into the weekly time frame. It can be observed that the price reached all the way up to touch the 3.618 fibonacci before pretty much collapsing.
The correction was 66% in its entirety, as the price fell all the way down to the strong support at $17. The fibonacci levels have had much to say for the price of $INJ in that they have been respected pretty much perfectly. Currently sat on top of the 1.618 fibonacci level, this area may be expected to hold, given the size of the wick down below, and the fact that the price was bought up very quickly by the bulls.
For those who managed to buy that wick down, the rest of the bull market for $INJ could be very profitable. For those looking to get in, the price is still half of what it was back in March. Fortune favours the brave?
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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