Render Price Targets $10 as Channel Breakout Pushes Past $8
November 20, 2024
With a channel breakout, will Render (RNDR) continue its bullish streak and surpass the $10 milestone?
Render’s price has reclaimed the $8 mark, with a market cap of $4.19 billion. It has increased by 21% over the last seven days and has reached a trading volume of $1.23 billion.
As the Render token gains momentum, the bull run is preparing to reclaim the $10 psychological mark. Will the ongoing streak of bullish candles cross this psychological mark?
The Render (RNDR) price shows a trend reversal rally in the daily chart. This bullish reversal follows the breakout of a long-standing resistance trend line, marking a significant shift in price action.
Notably, this breakout signals the end of a falling channel pattern. The RNDR price reclaimed its bullish trend after a V-shaped reversal from the $4.21 mark.
Currently, it is trading at $8.08, accounting for a price surge of 96.16% over the last 16 days. The bullish recovery has surpassed the 38.20% Fibonacci level at $7.5625.
Furthermore, with an intraday gain of 3.13%, Render makes the sixth consecutive bullish candle. The surge in the underlying bullish sentiments has resulted in a positive crossover between the 50-day and 100-day EMA lines.
This has also increased the chances of a golden crossover. Meanwhile, the MACD and signal lines remain positive, resurfacing the bullish histogram.
After the bullish trend reversal surpassed a four-month high, the underlying trend has clearly shifted. The uptrend will likely break through the immediate resistance at $8.62, the 50% Fibonacci level.
If the broader market recovers, the bulls could target the next price levels at $9.68 and $11.20. With the increasing bullish momentum and rising trading volume, Render’s price is poised to surpass the $10 psychological mark.
Conversely, crucial support levels are at $7.56 and $6.24.
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