Render (RNDR), the cloud-based rendering network, is creating excitement in the crypto market with technical indicators and analyst forecasts pointing to a substantial price increase in the coming weeks or months.
Release breaks from technical chains
Technical analysis paints a bullish picture RNDR. The token recently broke out of a bullish technical pattern known as the Dragon Pattern, also known as the supply line. This breakout historically represents a potential shift in momentum, with prices likely to move higher.
RNDR 24-hour price action. Source: Coingecko
To add fuel to the fire, analysts are observing the formation of Three Rising Valleys on RNDR’s map. This pattern suggests that a potential market bottom has been reached, indicating a reversal from previous downtrends.
Furthermore, a bullish divergence on the four-hour chart indicates a weakening of selling pressure. In simpler terms, sellers are struggling to push prices down but failing to break below previous lows.
$RENDER – In my opinion it looks bullish.
Here’s why 👇
• Dragon pattern or the supply line that has already broken out.
• Potentially 3 rising valleys in the making as we hit a potential bottom.
• 4 hour bullish divergence, meaning sellers were struggling… pic.twitter.com/jMBzXWyG81
— Doji 🥷 (@SatsDoji) April 25, 2024
DoJi, a leading crypto analyst, sees these technical indicators as a recipe for a price increase. Based on its analysis of the Three Rising Valleys, DoJi has set a price target of around $13 for RNDR. He even goes so far as to suggest a price explosion above $20 if historical price movements are repeated.
According to DoJi, crossing a key resistance level at USD 9.20 could be the catalyst that ignites this bullish momentum.
RNDR surges 250% in 6 months – but can it break the resistance?
In the previous six months, the value of RNDR rose by as much as 250%. The pattern of impulsive and corrective movements in price fluctuations indicates a turbulent market.
Predicting the price trajectory of RNDR in the future offers both cautious and optimistic options. There is expected to be resistance at $10.90 and a larger barrier at $13.30.
If the price falls, $6.18 or even lower, $3.79, could provide support. The RNDR network acceptance rate and general market trends can cause price fluctuations, but long-term indicators such as the 100-day average point to a possible stabilization around $8.92.
RNDR market cap currently at $3.1 billion. Chart: TradingView.com
Analyst makes optimistic predictions
Meanwhile, DoJi is not the only crypto expert who is bullish on RNDR. Inspector Crypto, another respected analyst, has identified a bullish inverse head and shoulders pattern on the RNDR chart. This pattern typically precedes a price increase, and Inspector Crypto has projected a target range of $14-$16 for RNDR based on this pattern.
$RNDR | Target: Inverted Head and Shoulders Pattern: $14-$16#CAUSE #Solana #Bitcoin #AltCoinSeason2024 #Bullrun2024 #ADA #Xrp #ACT pic.twitter.com/VRO8gcTAiH
— Inspector Crypto🕵🏻♂️📈 (@1nspector_G) April 26, 2024
The combined optimism of DoJi and Inspector Crypto reflects a broader sentiment of anticipation surrounding RNDR. Although the token has experienced a slight price decline lately, many analysts are keeping a close eye on its performance, waiting for the rebound signal.
Featured image from Pexels, chart from TradingView
Disclaimer: The article is for educational purposes only. It does not represent NewsBTC’s views on buying, selling or holding investments and of course investing involves risks. You are advised to conduct your own research before making any investment decisions. Use the information on this website entirely at your own risk.