Render Revving Up: Analyst Predicts Potential Climb To $16

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.

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.

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