Slowly but steadily, AI cryptos are waking up amid the ongoing crypto market rally. One of those altcoins is RENDER, as the price surged 11% today and almost 40% last week, hinting at signs of recovery. Render is now trading around $6.15.
What you'll learn 👉
Render Price Analysis
A recent viral chart analysis from World Of Charts has caught the attention of crypto traders. The RNDR/USDT chart reveals a compelling uptrend that took shape in early 2024, with the price consistently forming higher highs and higher lows.
After its initial rally, RENDER entered a period of consolidation, forming what technical analysts call a symmetrical triangle or “bullish pennant” pattern.
The recent breakout from this consolidation pattern around the $6 mark has reinforced the bullish sentiment in the market. This level has now transformed into a crucial support zone, with a secondary support level established around $4, where significant accumulation occurred during the consolidation phase.
Potential Render Price Targets and Support Levels
The technical structure suggests interesting possibilities for RENDER’s price action. The breakout from the bullish pennant formation typically projects a measured move, with the pattern’s height serving as a guide for potential targets. According to the analysis, this technical setup points to potential targets between $12 and $15 in the mid-term.
The price has maintained respect for key trendlines throughout its movement, with the upper and lower boundaries of the pennant pattern serving as important technical references. These levels continue to provide guidance for traders monitoring RENDER’s price action.
Read also: Kaspa Influencer Alerts: ‘Withdraw Your KAS’ as Over 58 Million Tokens Leave Major Exchanges
Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
