With technical indicators and analyst forecasts pointing at a significant price spike in the next weeks or months, Render (RNDR), the cloud-based rendering network, is generating buzz in the cryptocurrency market.
Render Breaks Free From Technical Chains
For RNDR, technical study presents a hopeful picture. Recently, the token broke out from a bullish technical pattern called the Dragon Pattern—also called the supply line. Historically, this breakout implies a possible change in momentum as prices probably will move higher.
RNDR 24-hour price action. Source: Coingecko
Fueling the flames, experts are noting on RNDR’s chart the development of three rising valleys. This pattern points to a possible bottom of the market, therefore reversing past bearish patterns.
Moreover, a positive divergence on the four-hour chart suggests declining selling force. To put it another way, sellers are unable to lower prices, thereby failing to surpass past lows.
$RENDER – It’s looking bullish in my opinion.
Here is why 👇
• Dragon pattern aka the supply line which broke out already.
• Potential 3 rising valleys in the making while we established a potential bottom.
• 4 hour bullish divergence which means that sellers had a hard… pic.twitter.com/jMBzXWyG81
— Doji 🥷 (@SatsDoji) April 25, 2024
Prominent crypto researcher DoJi sees these technical signals as a formula for a price explosion. Drawing on his study of the Three Rising Valleys, DoJi has set a target price for RNDR of about $13. He even goes so far as to propose a price explosion outside of $20 should past price trends recur.
According to DoJi, surpassing a key resistance level of $9.20 could be the catalyst that ignites this bullish momentum.
RNDR Up 250% In 6 Months – But Can It Break Resistance?
RNDR’s value increased almost 250% in the last half-year. The erratic movement pattern of impulsive and corrective actions in the price fluctuations speaks to a stormy market.
Future price trajectory projection of RNDR presents both cautious and hopeful possibilities. At $10.90 there is expected to be opposition; at $13.30 there is a bigger hurdle.
Should the price fall, $6.18 or much less, $3.79 could offer some support. Though long-term signals like the 100-day average hint to a likely stabilization around $8.92, overall market trends and RNDR network adoption rate could influence price swings.
RNDR market cap currently at $3.1 billion. Chart: TradingView.com
Analyst Chimes In With Optimistic Predictions
DoJi, meantime, is not the only crypto guru optimistic about RNDR. Respected analyst Inspector Crypto has noted on RNDR’s chart a positive Inverse Head and Shoulders Pattern. Usually ahead of a price rise, this trend guides Inspector Crypto’s objective range for RNDR: $14–$16.
$RNDR | Inverse Head and Shoulders pattern target: $14-$16#RENDER #Solana #Bitcoin #AltCoinSeason2024 #Bullrun2024 #ADA #Xrp #AKT pic.twitter.com/VRO8gcTAiH
— Inspector Crypto🕵🏻♂️📈 (@1nspector_G) April 26, 2024
The united hope of DoJi and Inspector Crypto captures a more general expectation for RNDR. Although the token’s price has lately seen a minor decline, many observers are attentively observing its performance in search of an uptrend indication.
Featured image from Pexels, chart from TradingView
