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.

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.

Source: altFINS – Start using it today

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.

Explosion in Meme Coin Market; How to find potential successors to $WIF, $PEPE, and $BONK?🤫

The key? Getting in early, especially during the ICO phase. Check out NuggetRush today! This new memecoin combines play-to-earn gaming with authentic gold mining ventures. Seize the opportunity with ongoing presale prices! Plus, prepare for $NUGX’s upcoming launch on major exchanges.

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.

You may also be interested in:

Check NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Samuel Munene
Samuel Munene

Samuel is a vesatile and seasoned content editor with a sharp eye for detail and a passion for writing. Web3 techonology is the future! With massive experience in the publishing industry, I specialize in refining and enhancing written material to ensure clarity, coherence, and engaging narratives.

CaptainAltcoin
Logo