Key Insights:
- Render Token is breaking out from its manipulation phase.
- Analysts predict a $20 target for $RENDER in the current cycle.
- Growing open interest indicates rising market participation and future volatility.
Render crypto appears poised for a breakout, showing strong momentum. Analysts predict the token could experience significant upward movement soon.
Render price has broken out from its manipulation phase after a prolonged period of consolidation. It now aims to establish a fresh, bullish trend.
Render crypto Builds Momentum as Accumulation Phase Signals Uptrend
RENDER has consistently traded in the $2.00 – $2.10 range in recent months, forming a key support level. According to market analyst AMCryptoAlex, this range represents an accumulation phase.
At this range, buyers gradually purchase tokens, expecting a breakout. This strong support minimizes downside risk and may pave the way for a price surge.
The analyst is confident that Render Crypto is preparing for another rally. This resembles the Q1 2024 surge when the token experienced rapid growth. This current price action may have marked the end of the manipulation phase, and if so, it’s looking bullish.
However, Analysts remain optimistic about the Render price. Per them, the token may see a massive move upward in this cycle, reaching a $20 target price.
RENDER Approaches Key Breakout Zone as Falling Wedge Pattern Forms
On the daily chart, a falling g wedge pattern is now visible, suggesting a bullish reversal in the market. The pattern shows lower highs and lower lows within narrow ranges. This signals weakening downward momentum and indicates a breakout is approaching.
Render crypto traded at $3.502 with a 2.58% price surge in the 24 hours of trade. Support for RENDER is currently established around $3.00, extending to $2.50.
These price levels have attracted buying interest and provided a reliable base during recent declines. A breakout above the $3.50–$4.00 resistance zone could start a strong rally.
The rally is projected to reach a target near $8. However, if Render price fails to hold $3.00, this may trigger further consolidation or a temporary pullback.
Technical Indicators Suggest Possible Uptrend for RENDER
The Relative Strength Index (RSI) was 47.62, indicating a neutral level. Buying momentum will likely build up if the RSI surges above 50. On the other hand, a reading below 40 may signal that strength in the trend is waning.
The Cumulative Volume Delta (CVD) showed 288.61K in positive volume versus 321.31K in negative volume. This implied that while buying interest grows, selling pressure still prevails.
The MACD was reading that the MACD line (0.043) is just above the signal line. This slight crossover appears to be at the beginning of bullish momentum. However, it is still very weak in strength.
There is also growing evidence from the open interest that has steadily risen. The open interest data proves a 3.68% growth of interest in Render crypto. The rising open interest indicated that traders placed bets for a potential breakout.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
The post Render Token Gains Momentum, $20 Target In Analysts’ Forecast appeared first on The Market Periodical.
