- Render is trading at $4.549 after a 2.94% dip, with daily volume around $1.74 million.
- The price is consolidating between $3.5 and $5.5 after a strong rally earlier this year.
- A breakout above $5.8 could open the door to $8.50, $10.50, and $13.10.
- Support at $4.2 remains crucial for maintaining the bullish structure.
Render (RNDR) is currently trading at $4.549, reflecting a 6.14% dip over the past 24 hours, with daily trading volume hovering around $55.46M. While the drop may seem temporary, it follows a series of sharp price movements that have kept traders alert and cautious.
Earlier this year, RNDR experienced an explosive rally, nearly touching the $13 mark before undergoing a steep correction. The token has since stabilized, consolidating within a range of $3.5 to $5.5 over the past several weeks.
Despite the sideways price action, the trend has displayed subtle bullish signs, particularly through a pattern of higher lows, an indicator of underlying buying pressure. Still, upward momentum remains constrained, with a resistance zone between $5.5 and $5.8 capping gains, while support between $4.2 and $4.4 continues to hold firm.
RNDR Targets $8.50 and Beyond if $5.8 Breaks
Technically, RNDR is approaching a critical confluence of resistance that has drawn the attention of market participants. This zone includes the 50-day and 100-day exponential moving averages (EMAs), the mid-line of a descending channel, and a former support level that has flipped into resistance.
The recent bounce from the $4.2 support area has taken the shape of a “V-recovery,” often viewed as a bullish reversal signal. Now, as the token tests multiple resistance layers, a breakout could spark significant upside movement.
If RNDR successfully breaks above this resistance cluster, the following price targets come into focus: $8.50, $10.50, and potentially $13.10. Such a move would signal a return to the upper boundary of the descending channel, possibly revisiting previous highs.
For now, as long as Render maintains support above $4.2 and continues forming higher lows, the likelihood of a bullish breakout remains intact. However, a decisive move above $5.8 with strong volume would likely confirm the start of the next major rally. Traders should stay alert for this potential turning point.
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