- Render (RNDR) shows bullish momentum with a double bottom and swing failure pattern, hinting at a possible trend reversal.
- The token faces strong resistance, and a confirmed breakout could lead to higher price targets.
- Market stability from Bitcoin holding support may support further upside for altcoins like Render.
Render (RNDR) is on the way to its positive trajectory and experiencing a surge in its price against market volatility and macro factors. However, the overall market is showing signs of stability because Bitcoin is moving around its initial key support levels.
The RNDR price today is $ 3.96 with a 24-hour trading volume of $ 104.01M and a market cap of $ 2.05B. The RNDR price increased 8.72% in the last 24 hours, and over the last week it is up by 18.42%.
Source: Coinmarketcap
RENDER Poised for Breakout Toward $6.70
Render (RNDR) is now at a turning point in the charts, presenting a dual-edged set of signals to the trader. On one hand, the asset has established a double bottom chart pattern with a Swing Failure Pattern (SFP), both positive developments in that sellers were unable to drive the price down.
Now the possibility of buyers stepping in may be high. These patterns tend to signal that a change in trend is probably looming, with a reversal possible. The structure break provides the bullish argument some heft, indicating RNDR may be preparing to make a big move as long as the setup is confirmed.
Still, RNDR has a major impediment to overcome: resistance at the $4.28 mark. This level has served as a robust point of rejection in the past, and it’s now proving to be hard to overcome. The existence of resistance here makes long entries complicated because it heightens the possibility of a failed breakout. While traders want to get in now.
There are two strategic options traders are eyeing. The aggressive play involves taking an entry on a lower time frame (LTF) dip, hoping for a straight shot upward if momentum continues.
The more conservative, and potentially higher probability, approach is to wait for a confirmed breakout above $4.28, ideally with a retest that flips resistance into support. If that happens, it would potentially target price levels of $5.40 and ultimately $6.70, in alignment with resistance levels in the past and Fibonacci levels.
Source: X
Nevertheless, the bullish scenario is threatened. If RNDR loses the bottom and declines back down to the level of the double bottom, the scenario would be negated, leaving the token open to further declines. In the meantime, RNDR is a coin to monitor closely, struggling with potentially positive upside but technical resistance. As usual, timing and persistence can be the ultimate determinants in riding the next move.
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