The cryptocurrency market is abuzz with excitement as Render Token (RNDR) shows promising signs of a significant price surge. A classic bullish technical pattern has emerged on the 6-hour chart, leading analysts to predict a potential 65-70% rally in the coming days.
According to renowned crypto trader WHALES_CRYPTOx, Render is currently forming a falling wedge, a well-respected bullish continuation pattern that often precedes substantial price increases. This pattern is characterized by two converging trend lines: a descending resistance line and an ascending support line. The narrowing gap between these lines typically signifies a pause in a downtrend, with a breakout to the upside being the anticipated outcome.
The trader highlights that the descending resistance line has consistently capped Render’s upward movements, creating multiple points of resistance. However, the ascending support line has acted as a reliable floor, preventing further price declines and indicating growing buying pressure.
As the price approaches the apex of the wedge, the excitement among investors intensifies. Historically, breakouts from such patterns tend to be more powerful when the price lingers near the apex. A successful breakout could propel Render’s price by a substantial 65-70%, according to the analysis.
Supporting the bullish sentiment is a noticeable increase in trading volume at these levels, suggesting heightened investor interest and potential accumulation. Additionally, the price currently resides above the 50-period moving average (MA), a level that has historically acted as resistance for RNDR. A sustained breach of this MA would further validate the bullish outlook.
The Chaikin Money Flow (CMF) indicator also points to a positive cash influx into the token, reinforcing the notion of sustained buying interest.
Also Read: Render (RNDR) Price Poised To EXPLODE 1,800%: Analyst Predicts $177 Target
If Render successfully breaks above the descending resistance line, the initial target lies at $10.37. A decisive move beyond this level could open the door for a rally towards $13.51, aligning with previous resistance levels. However, a failure to break out could lead to a retest of lower support levels around $6.27.
While technical analysis offers valuable insights, it’s crucial to remember that the cryptocurrency market is highly volatile. Investors should conduct thorough research and consider consulting with financial advisors before making investment decisions.
Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.
About The Author
