Render (RNDR) is currently at a pivotal juncture, trading just above a crucial support level after experiencing a significant 29% decline from its recent highs. Amid the widespread selling pressure in the broader cryptocurrency market, Render’s ability to maintain this key technical level has caught the attention of traders and analysts alike. Many now speculate that the altcoin could be on the brink of a major price surge in the coming weeks.
As the market grapples with turbulence, Render’s resilience at this critical support level stands out. Analysts are closely watching the situation, with one prominent chart expert offering a bold prediction for RNDR’s trajectory over the next few months. If Render holds firm, it could see an aggressive upward movement, positioning it as a key asset to watch for potential gains.
Render’s Path To $11 – An Analyst’s Perspective
Since the market’s correction from its highs in March, traders and investors have been adjusting their positions, with a growing sense of optimism surrounding Render’s potential. Amidst the market volatility, RNDR has captured significant attention due to its recent performance and prospects for substantial returns.
Top charting analyst Marco Polo recently shared his insights on X, noting that Render bottomed out on August 5. Polo’s analysis points to a potential price surge, predicting that RNDR could reach $11.88 by the end of the year—a critical resistance level. According to Polo, once Render begins its uptrend, the movement is expected to be swift and aggressive. This rapid ascent could present challenges for retail investors trying to enter the market early, as the price may gain momentum quickly, making it difficult to capitalize on the initial stages of the rally.
The current market dynamics, coupled with Polo’s bullish forecast, suggest that Render is poised for significant gains if it continues to hold above its key support levels. Traders and investors are closely monitoring the price action, positioning themselves in anticipation of a potential breakout. As RNDR approaches crucial resistance levels, the market will focus on its ability to sustain its technical strength and capitalize on the expected uptrend.
Key Technical Levels to Monitor
Render is currently trading at $5.27, holding above the 4-hour 200 moving average (MA) of $5.10. This key technical indicator is crucial for assessing price strength, as it often signals support when respected. After briefly dipping below this moving average, the price has since recovered, trading above it once again. This recent price action suggests that a move toward higher prices could be imminent in the coming days.
Also Read: Render Token (RNDR) On Fire: Falling Wedge Points To 65-70% Price Surge
However, if Render fails to maintain its position above the 4-hour 200 MA, the next critical support level to watch is around $4.63. Should this level be tested, it could indicate further downside potential.
As traders and analysts keep a close eye on Render, its ability to hold these key technical levels will determine its trajectory in the coming weeks. With market sentiment slowly turning bullish and chart experts like Polo forecasting a significant uptrend, RNDR could be on the verge of a substantial breakout. For investors, Render remains a critical asset to watch as it navigates these pivotal support and resistance levels.
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.
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