Render Network’s RNDR Eyes Bullish Breakout After ‘Healthy Correction’: Analyst Sets This Price Target, But There’s a Catch
Inspector Crypto, an analyst, has shared his insights on the price action of $RNDR. Despite the digital asset experiencing a downward correction, Inspector Crypto remains optimistic. He suggests that the current price movement is a “healthy correction” and that a bullish flag pattern is potentially forming on the charts. Significantly, Inspector Crypto has identified a technical target price of $18 for $RNDR.
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Trade Setup Dissection
Delving deeper into the analysis, altFINs, a crypto research firm, has provided a trade setup for $RNDR. Their assessment begins by acknowledging that the cryptocurrency’s price is in an established uptrend. However, they note that $RNDR has breached the $12.00 resistance level but failed to sustain its momentum above that level.
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Consequently, altFINs outline two potential scenarios for traders to monitor. The first scenario involves $RNDR breaking out above the $12.00 resistance once again. If this occurs, it could signal a continuation of the uptrend, potentially propelling the price to $14.00 – a 15% upside from the current levels.
Alternatively, the second scenario entails a pullback towards the $10.00 support level. This scenario would present traders with an opportunity to initiate another swing trade entry within the prevailing uptrend. If this setup unfolds, altFINs projects a 20% upside potential, with $RNDR potentially reaching $12.00 once again.
Trend and Momentum Dynamics
Moreover, altFINs’ analysis reveals that $RNDR exhibits an uptrend across short-, medium-, and long-term time horizons. This multi-timeframe uptrend strengthens the bullish narrative surrounding the digital asset. However, their momentum indicators suggest that while the overall momentum remains bullish, with the MACD line above the MACD signal line and the RSI above 55, the momentum may have peaked temporarily. This assertion is based on the declining MACD histogram bars, which could indicate potential weakening momentum.
Support and Resistance Levels
In terms of critical price levels, altFINs identify the nearest support zone for $RNDR at $10.00, which previously acted as a resistance level. Beyond that, the next significant support level is pinpointed at $8.00. On the upside, the immediate resistance zone is situated at $12.00, followed by $14.00 as the next key level.
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Show more +While the overall technical outlook for $RNDR remains bullish, with analysts like Inspector Crypto and firms like altFINs providing optimistic assessments, traders are advised to exercise caution and closely monitor the price action.
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