Cryptocurrency analyst World Of Charts (@WorldOfCharts1) has identified a potentially big trading opportunity in RENDER (RNDR), projecting a possible 200% price surge pending a crucial support level retest.
In an analysis shared on X today, World Of Charts noted Render’s successful breakout from a descending trendline pattern. The cryptocurrency is currently in a retest phase of previous resistance levels, which have now transformed into potential support.
The analyst emphasizes that RENDER’s current price movement represents a critical juncture. The ongoing retest of the support zone at around $7 could serve as a springboard for what World Of Charts describes as a “massive bullish wave” in the mid-term timeframe.
Price Target and Potential
Looking at the mid-term outlook, World Of Charts suggests that a successful retest of the current support level could catalyze a substantial rally. His analysis points to a price target that would represent more than a 240% increase from current levels, potentially pushing RENDER toward the $24 mark.
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The analyst’s bullish outlook is framed within the context of RENDER’s broader market dynamics. The recent breakout from the descending trendline suggests a potential shift in market sentiment from bearish to bullish, though World Of Charts notes that the success of this setup largely depends on the support level holding firm.
“Looking good for midterm here after correction,” World Of Charts stated in his analysis, emphasizing the importance of the current retest phase in determining RENDER’s future price trajectory.
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