Bitcoin’s Sudden Drop Shakes the Market

Bitcoin’s sudden drop from $108,000 to $96,000 has shaken the market of digital assets. This surprise move lit a fire under selling across all altcoins, with Render ($RENDER)being hit hardest and crashing -26%, breaking its 40-day trendline too. Conversely,Altura ($ALU) displayed outstanding strength, remaining locked into a bullish falling wedge pattern, a technical pattern that often leads to a reversal upward.

Render ($RENDER) Faces Dramatic Decline After Bitcoin’s Tumble

Render’s large crash is due to Bitcoin overnight tanking. That penetration below the psychological level of $100,000 triggered panic and heavy selling pressure. For Render, it meant losing an important support level that had supported its recent uptrend.

Render’s price action is an indicator of investor indecision and reflects an oversold condition. However, any chance of a recovery ultimately prevents the token from regaining ground and retaking its trendline support.

Altura ($ALU) Remains In Bullish Formation

Even with the market volatility, Altura has stayed in an attractive technical setup. The falling wedge pattern in the token’s position indicates a bullish breakout. This pattern develops when the price of an asset declines within an increasingly tighter range, often resulting in an eventual upward breakout.

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Author: Adrian Barkley