Render “Extremely Bullish” Despite Recent Sell-Off: Expert Reveals One More RNDR Dip Expected Before Rally
A cryptocurrency analyst known as D0c Crypto has expressed a bullish outlook on the Render (RNDR) token, despite the recent sell-off following NVIDIA’s earnings event. In a tweet, D0c Crypto acknowledged that the NVIDIA event did not go as expected, leading to a major sell-off by RNDR market makers. However, the analyst remains confident in the token’s long-term prospects.
According to D0c Crypto, the RNDR chart still looks “extremely bullish,” and the current market conditions represent a major accumulation zone. The analyst believes that the longer RNDR stays in this accumulation zone, the stronger the potential breakout will be. D0c Crypto identified the upcoming Apple Worldwide Developers Conference (WWDC) on June 10 as the next significant catalyst for the token, although they cautioned that it might trigger a “sell-the-news” event.
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AltFINS Technial Analysis
According to AltFINS, the current trade setup for RNDR is an uptrend, with the price breaking out of a channel down pattern, signaling a resumption of the uptrend. The upside potential is projected to reach $13.80, with a stop-loss level set at $9.20.
The analysis further identified a resistance breakout pattern, indicating that buyers have absorbed all the supply from sellers at the current resistance level, allowing the price to resume its advance. The nearest resistance zone of $13.80 becomes the new price target following this breakout.
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Show more +AltFINS assessed the trend strength, classifying the short-term, medium-term, and long-term trends as “Strong Up.” However, the momentum is currently bearish, as the MACD line has crossed below the MACD signal line. Additionally, the price is neither overbought nor oversold based on the RSI-14 levels.
Regarding support and resistance levels, AltFINS identified the nearest support zone at $8.00, followed by $6.00, while the nearest resistance zone is at $13.80.
While D0c Crypto and AltFINS remain bullish on RNDR, they acknowledge the potential for one more dip before the anticipated rally. Investors are advised to exercise caution and conduct thorough research before making any investment decisions in the volatile cryptocurrency market.
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