Analyst Crypto Patel has shared insights on the price movements of RENDER, suggesting a potential upward surge. According to his analysis, the token’s current price action hinges on the crucial $4 support level.
However, there are challenges that investors must watch closely before aiming for the ambitious $20 target. As of now, RENDER is in a downward trend within a descending channel, exhibiting bearish tendencies.
The price has been experiencing lower highs and lower lows, indicating market weakness. Despite this, the $4 support level stands as a key point to monitor. Patel emphasizes that holding this level could initiate a recovery.
If $4 is breached, a more severe drop could follow, potentially driving the price toward the next support at $1.50. Patel’s analysis points to these levels as critical markers for future price movements, giving traders clear zones to monitor.
What you'll learn 👉
Resistance Levels and Potential Upside
While the current trend is bearish, Crypto Patel highlights the resistance level of $6.50 as a hurdle for any bullish attempt. Breaking through this resistance would signal the beginning of a potential rally, creating an opportunity for the token to push higher.
Should market sentiment improve and the $6.50 resistance be cleared, the price could move toward Patel’s optimistic target of $20. However, achieving this level would likely require substantial market catalysts and improved investor confidence.
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Bearish and Bullish Scenarios
Crypto Patel outlines two possible scenarios for RENDER. On the bullish side, maintaining support at $4 and breaking past the $6.50 resistance could propel the price toward the ambitious $20 mark. This scenario would represent a dramatic reversal of the current bearish trend, fueled by positive market developments.
On the bearish side, failing to hold $4 could result in a sharp decline toward $1.50, as the analyst warns. This outcome aligns with the token’s downward trajectory, signaling further weakness in the short term.
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