BINANCE:RENDERUSDT is starting to show a structure that looks very similar to its previous cycle before the massive run. After topping around $13.83, the asset went through a deep correction of over 90%, which is typical for macro reset phases.
Right now, price is sitting in a high-timeframe bullish order block between $1.10 and $1.35. This area has acted as a strong accumulation zone, and the reaction from here suggests buyers are stepping in again.
What stands out is the multi-year descending channel. Price has been compressing within this structure and is now attempting a breakout. This kind of compression near a demand zone usually leads to strong expansion if the breakout sustains.
From a positioning perspective, this is where larger players tend to accumulate while the market sentiment is still uncertain. The recent move below $1 looks like a liquidity sweep rather than a clean breakdown, which often happens before continuation moves.
Key levels to watch are clear. The $1.35 to $1.00 range remains the primary demand zone. The 0.786 Fibonacci level around $0.845 is critical — as long as price holds above this on a higher timeframe closing basis, the bullish structure remains intact.
If price fails to hold that level, the next support sits between $0.60 and $0.40.
On the upside, the first major confirmation comes with a reclaim of $2.70, which aligns with the channel breakout level. If that flips into support, momentum can accelerate quickly.
Potential targets for the next leg are $2.70, $5.50, $13.00, and if the cycle fully plays out, even the $28+ region is possible.
Invalidation is simple — a weekly close below $0.845 would weaken the bullish thesis significantly.
Overall, this looks like a classic accumulation phase after a deep correction. If the structure holds, this could be the early stage of a much larger move.