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- Render crypto has surged by 107% in less than a month.
- The RNDR price has triggered a breakout from a channel. Furthermore, it has reached a multi-month high.
Since June, the Render (RNDR) price has been in a bearish trend, losing 65% in a few months. However, the bearish trend was halted near the $4 mark.
Sellers attempted many times to drag down the price but couldn’t. Moreover, the Render crypto price underwent a consolidation phase for more than three months.
After this accumulation, the token’s price triggered a breakout from the channel and surged by 22%. Amid this bullish momentum, the price has reached a multi-month high. By seeing this breakout, crypto analysts believe the RNDR price has the potential to grab a 70% upmove.
Could the Render Crypto Price Hit New ATH Soon?
When writing, the Render crypto traded at $8.87, which has risen by 1.58% over the past 24 hours. The market capitalization was $4.57 Billion, and the 24-hour trading volume was $887.82 Million.
After the breakout, the price has struggled between the $6.50 and $8.00 levels. However, the token has recovered from this zone and signals a buying opportunity.
Suppose the RNDR price manages to hold over the $8 mark. This may be a bullish sign, and bulls might be attracted. The current market sentiment is bullish, which could be crucial for further momentum.
On the other hand, if the digital asset price slips below the $8 mark and enters the channel, sellers may dominate. Buyers might lose momentum once the RNDR crypto loses the 200-day EMA, and a bearish move can be seen.
The RSI has triggered a golden crossover with the RSI-based moving average regarding the technical indicators. The MACD and the Signal line stayed in the positive territory, and the histograms were green. Overall, the technical indicators are in favor of a bullish forecast.
Analyst Says 70% Gain in RNDR Price; Let’s Explore
@javonTM1, a crypto analyst, is firmly convinced of a bullish rally in Render crypto. The price has surpassed the previous critical level of $7.84, which shows the bulls’ domination. By exceeding this level, the price is expected to hit another target level of $15.33, according to the chart analysis.
Based on his analysis, the RNDR price is expected to acquire a 70% gain amid this bull run. The bullish trend could face resistance near the $12 mark during this rally. Exceeding this mark could lead to the target level of $15.33.
RNDR Price Bullish Momentum and Future Prospects
Render crypto has demonstrated significant bullish momentum after a challenging period of decline. The recent breakout from its bearish channel and the subsequent price surge indicated strong buying interest among investors.
Forecasters are hopeful about RNDR’s prospects due to the possibility of a further 70% gain. Vital technical indicators, including the RSI and MACD, support this bullish outlook. It suggested that momentum could continue if the price maintains above the critical $8 mark.
However, caution remains essential; dropping below this level could shift market sentiment and invite selling pressure. The current market sentiment appears favorable for further gains if the upward trajectory holds.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
