- REHDER forms a cup-and-handle pattern, a bullish continuation signal with potential upside.
- Breakout target at $13.70, suggesting possible gains of nearly +200% from current levels.
- RSI is at 48.70, reflecting neutral momentum, while MACD turns positive, hinting at early bullish divergence.
Render (RENDER) is facing notable bearish pressure due to decreasing interest, in line with the broader market conditions. The RENDER price over the last 24 hours is down by 0.98%, and over the last week it is also down by 3.23%.
Currently, RENDER is trading at $3.94, with a 24-hour trading volume of $48.14 million, down by 33.62% over the last 24 hours. The token has a market capitalization of $2.04 billion, which is slightly down by 0.99%.
Source: CoinMarketCap
The general trend in the crypto market is turning from bearish to bullish after the short-term correction. The major crypto coins are struggling to catch a bullish wave, which is often associated with the upside potential.
RENDER Cup-and-Handle Pattern Hints at 200% Rally
The crypto analyst, Smith, noted that Render (RENDER) is showing strong signs of a potential breakout as it nears the end of a prolonged downtrend. A well-defined cup-and-handle formation has started to take shape, a widely recognized bullish continuation signal that often precedes significant upward momentum, drawing heightened attention from traders and analysts alike.
Source: X
Should this configuration hold true, the pattern dictates a breakout price of $13.70 with possible returns of up to +200% from prevailing prices. With the help of growing demand for decentralized GPU rendering in artificial intelligence, the metaverse, and high-end visual content, RENDER might be one of the best performers of this bullish run.
Also Read: Render (RENDER) Price Prediction: Analysts Projects a Breakout Toward $4.20
RENDER Technical Indicators Suggest Bullish Reversal
Render’s (RENDER) weekly chart shows the price is consolidating around $3.95 after a long bearish trend since the early 2024 peak of $12. Tighter Bollinger Bands are a sign of reduced volatility with a potential breakout looming. The spot price is around the mid-band ($3.88) after slight bullish pressure.
Source: TradingView
The RSI is 48.70, and the reading is indicating neutral momentum and not oversold/overbought. The MACD recently flipped positive and is showing early bullish divergence but is not very robust. A breakthrough of $5 resistance would confirm the positive upside, and a failure to hold $3.88 runs the risk of testing the $2.77 support.
RENDER Community Sentiment Turns Strongly Positive
According to the data from CMC, the community opinion is overwhelmingly bullish, with 85% of the participants favoring bullish. It means most participants are of the opinion that the price or value of an asset is likely to rise. It is such a huge percentage that it depicts major confidence building up in investors and traders.
Source: CMC
On the other hand, bearish voters are at 15%, meaning there is a lower percentage anticipating the price decrease. Even though it is a minority opinion, it again reflects there is still caution in the market. Overall, sentiment is mostly positive, meaning there is strong upside anticipation.
Also Read: Render Token (RENDER) Gains Attention After Major $20,000 Token Burn
