Along with FET, another AI crypto is performing well this week, with a 38% pump during this period and a 17% pump today – it’s Render.
The RENDER price is now $6.19, which means that following today’s pump, the coin broke the crucial $6 resistance, a level that this AI coin failed to breach earlier this month.
What you'll learn 👉
Render Price Analysis
DONA analyst posted an analysis of Render’s chart today. Their analysis highlights a classic cup-and-handle pattern, typically considered bullish and suggestive of an uptrend continuation. The cup is well-defined, and the handle is in the process of forming.
The chart identifies key support and resistance zones. The horizontal green zone around the $6 mark, which has recently been breached, acted as a crucial resistance level. This area likely represented a point of congestion or a previous high. Just below the current price, a light blue zone serves as a support level, aligning with the bottom of the handle in the cup-and-handle pattern.
An invalidation level is highlighted near $3.2. If the price drops below this point, it would invalidate the bullish structure and potentially lead to further downside.
Price Targets and Momentum
The price action shows a steady uptrend that aligns with the larger cup-and-handle structure. The breach of the $6 level with no signs of weakness signals strong bullish momentum. While exact targets are not explicitly marked, the parabolic rise suggests a potential move towards $15 or higher, depending on further price action.
Interestingly, the highest price target indicated on the chart appears to be around $150. This target is suggested by the end of the green parabolic projection. However, this is a rough visual estimate based on the chart’s scale and the parabola’s extension. The $150 level represents an extremely optimistic scenario, assuming the bullish momentum continues without significant pullbacks or invalidations.
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Show more +It’s worth noting that the tweet implies strong participation from buyers, particularly those who were in disbelief after selling at the bottom. The analyst’s sentiment is highly bullish, noting the breach of $6 as a key event with no signs of weakness. The mention of an “AI Giant in the making” aligns with the broader narrative around AI in the crypto space.
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