Render (RNDR) has been on the rise, gaining attention amid volatility within the crypto market. Bitcoin went through a significant drop to below $65k whereas RNDR stayed strong throughout. Over the last year alone, RNDR has experienced an astonishing 664% increase, which shows its potential for growth and stability.
RNDR plummeted by almost 14%, over the last week. RNDR continues to attract interest and investments despite such temporary drawbacks. At the time of writing, the price of Render Tis at $9.82 with its 24-hour trading volume amounting to $545.03 million and its market capitalization being equal to $3.63 billion. Additionally, over the past day, RNDR has experienced a positive increase of 4.74%, thus showing continued investor confidence and potential for more growth.
Matthew Hyland, a renowned cryptocurrency analyst, points out that RNDR is currently having to recapture prior support levels, which have converted them into resistance barriers. He also states that whenever the RNDR has managed to assert these positions before, it was followed by a huge bounce in price. For instance, during this period alone, tokens skyrocketed from $7 to $12.
Hyland seems to suggest that if RNDR fails to repeat such a trend, then it will determine its short-term movement path. If it cannot reclaim these support-turned-resistance levels, he envisions a likely retest of sub-support levels. This analysis highlights how important it is for one-track RNDR’s ability to surpass resistances in order to extrapolate future price movement of the coin..
Render (RNDR) Target Price Range Reiterated at $16-$18
Additionally, another crypto analyst maintains their bullish stance on RNDR’s price action emphasizing that their outlook remains unchanged. They also reaffirm their target price range for RNDR at $16-$18 indicating continued confidence in the coin’s growth potential.
The analyst advises traders to consider the “buy box” as the optimal purchasing opportunity for RNDR, reaffirming their commitment to accumulating more tokens at a price of $9.5. They express a reluctance to wait for a minor price difference of 5-10%, emphasizing the potential for substantial gains in the next uptrend, estimated at 60-100%.
The analyst reflects on missing chances by stating how he was among those who entered into RNDR at an early stage of $0.41 because of greed, stressing catching opportunities for huge profits. Their text implies belief in RNDR’s long-term prospects and suggests other people accept this initial investment stage regarding Render Token.
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