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- The 24-hour trading volume has surged by 90% to $1.77 Billion.
- Render price has surpassed the crucial zone of $7 and has reached the descending trendline.
Render’s (RENDER) price has been in a bearish trend since March in a broader time frame. Render price has formed a bullish pattern on a daily time frame. It has reached the crucial breakout level. The bearish trend has halted near the $4 mark, and sellers have failed to drag the price below it.
The U.S. election result has boosted the cryptocurrency market. Additionally, almost all the altcoins have witnessed a rally. The RNDR crypto price has formed a double-bottom pattern on the significant support level of $4.
The token has surged by 66% in a week. Let’s explore what happens—breakout or profit booking.
Is Render Price Ready For Double-digit?
An analyst on X posted that the Render price has triggered a breakout from a bullish pennant pattern. It has formed an energetic candlestick on a daily time frame.
The RNDR crypto price is expected to hit the $10 mark amid this rally. If it overcomes this level, it may keep rising further.
Render Price Has Shaped Descending Triangle on 1-D Timeframe
Render crypto was trading at $6.97 at press time, which has remained neutral over the past 24 hours. The market capitalization was $3.61 Billion, and the 24-hour trading volume was $1.78 Billion.
RNDR crypto price has reached a multi-month high by exceeding the key moving averages. The price has held the previous day’s high, which could tempt buyers for a breakout.
Buyers could show interest if the crypto asset price surpasses the descending trendline. A successful breakout from the descending triangle may lead to a strong, bullish move. Massive buying pressure can be anticipated once the price overcomes the $10 mark.
On the other hand, selling could be seen if the digital asset price faces resistance from the descending trendline. Any good red candlestick near the trendline could drag down the price to the major support level of $4.
Regarding technical indicators, the Render price traded over the key moving averages. The RSI has displayed a golden crossover with the RSI-based moving average, indicating buyers’ domination.
Render Price Prediction Based on Chart
The Render price is currently positioned at a pivotal point. It is approaching a potential breakout from a descending triangle pattern. The price has recently risen above $7, forming a bullish double-bottom pattern at the critical support level of $4. There is renewed optimism in the market.
The sharp increase in trading volume and the positive influence of recent events have contributed to a noticeable rally. The events include the U.S. election results.
If RNDR crypto can successfully breach the descending trendline, it may open the door to substantial buying momentum. It could push the price past the $10 mark and toward the $20 level.
However, if resistance persists at the trendline, the price may reverse. This could lead to a lower support level of around $4.
Technical indicators, including a favorable RSI signal indicating buyer strength, suggest that the bulls are currently in control. Market participants must closely monitor these developments to gauge whether a breakout or profit-taking will occur in the near term.
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.
