Animate a text actor? (I.e. TextRender)

I want to make a waypoint system so that when a player gets near a location, 3D text pops up inside the game. I want to animate that text by making it bob when it appears then bob up and down again when it disappears. I’m using a textrender component as the 3D text. Can I animate this? What alternate strategy would you recommend?

Thanks in advance!

Like this maybe:

An actor with text render and sphere collision:

Its timeline:

Is this roughly what you’re after:

Image from Gyazo