Render (RNDR) is showing strong bullish momentum, with its price rising to $7.731 after a 0.85% increase intraday. This recent rally has pushed the token above a crucial downtrend line resistance, signaling that bulls are gaining control of the market. Market analysts, including Cryptodoc_, have higher expectations for RNDR, forecasting that the price could soar as high as $25 by 2025, reflecting long-term growth potential.
For RNDR to maintain its upward trajectory, it must hold important support levels. The first key support zone is between $7.50 and $7.70. If the price stays above this range, it will signal continued bullish momentum. A failure to hold this support could lead to a retracement toward the next support level, which lies between $6.50 and $7.00. This area is expected to attract strong buying interest, which could help the price stabilize and bounce back.
A deeper support level exists at the 20-day Simple Moving Average (SMA) near $5.86. If Render's price drops to this level, it could signal a more significant pullback, but buyers may emerge to keep the uptrend intact.
On the upside, the immediate resistance for RNDR is at the $8.00 mark, a psychologically significant level that also aligns with the upper Bollinger Band. A breakout above $8.00 would clear the path for RNDR to target higher price levels, including $10.00 and $13.00, as indicated by past price action. These levels represent medium-term price targets that could be reached if the bullish momentum continues.
Render's price action is supported by several technical indicators, reinforcing the bullish narrative. The token is currently trading near the upper Bollinger Band at $8.27, signaling overbought conditions. While this suggests that the price could experience short-term consolidation, the sustained upward movement points to a firm buyer presence in the market.
The Relative Strength Index (RSI) stands at 73.65, which is firmly in the overbought zone but still shows bullish sentiment. The RSI, however, could also hint at a potential cooling-off period before further price increases. Despite this, the bullish breakout has been accompanied by rising trading volume, a key indicator of trend reversals and strength. Continued volume during retests of critical resistance levels, particularly the $8.00 zone, will be essential for confirming a sustained upward move.
If RNDR manages to break out above $8.00 and holds its ground, it will likely continue its upward trend, with the first target being the $10.00 level in the short term. A further breakout could push Render's price toward $13.00, aligning with previous price action levels.
Longer-term projections are even more optimistic, with Cryptodoc_ suggesting that Render could reach $25 by 2025, driven by sustained adoption and market growth.
However, if RNDR fails to hold the $7.50-$7.70 support range, it could see a retracement to the $6.50-$7.00 zone, where buyers are likely to step in and support the price. A breakdown below $6.50 would signal a potential shift in market sentiment, invalidating the current bullish structure and possibly leading to a consolidation phase or deeper correction.
Render (RNDR) is currently in a strong bullish phase, with potential for significant price appreciation in the short and medium term. The key for RNDR bulls will be maintaining support above the $7.50-$7.70 range, which will ensure the bullish structure remains intact. Traders and investors should keep a close eye on the $8.00 resistance level— a breakout above this zone could signal further gains toward $10.00 and beyond. However, if support levels break, a retracement could occur, offering opportunities for re-entry at lower levels.
November 2024, Cryptoniteuae