Render Begins Next Leg After Consolidation, Analyst Shares The Next Target For RNDR

Crypto trader King Crypto provided an update on blockchain infrastructure project Render Network and its RNDR token after a recent consolidation period between $4.20 and $4.50.

According to his analysis, RNDR/USDT has now begun extending higher to start its next upside leg toward the $5.60 area after successfully taking out resistance around $4.80.

King Crypto expects RNDR to continue trending up over the next couple days, eventually flipping its breach of $4.80 into support just as it did previously at the $4.50 level earlier this month. Now that Render has cleared the recent trading range decisively, its bullish sequence appears primed to repeat based on the pattern observed over the past few weeks.

Render Network provides a network for rendering jobs that is faster and cheaper on average than traditional rendering options. It matches users needing graphics processing jobs like 3D visualizations with RNDR nodes that execute and fulfill these tasks.

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The increased functionality of decentralized networks supporting more complex operations has boosted the investment appeal of crypto projects like Render that aim to compete with traditional centralized platforms.

As one of the rising blockchain compute networks with growing adoption, RNDR’s latest upside extension aligns with strength across promising Web3 ecosystems. With the token taking out formidable resistance and looking poised to convert that $4.80 zone into its next launchpad, additional continuation seems likely over the coming sessions.

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Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency