The crypto market has seen renewed activity, with RENDER’s price gaining 25% following a decisive bounce from a critical support level.
Sjuul, an analyst from AltCryptoGems, highlighted this development on X, emphasizing the importance of the $7 level. As bullish momentum builds, market participants are watching RENDER for potential further gains.
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Key Support Level Drives RENDER Price Rebound
The $7 price level has proven to be a pivotal support zone for RENDER, as illustrated in the accompanying chart. Historical data shows that this level has acted as both resistance and support, indicating its reliability as a technical marker. Multiple price interactions with this level, marked by red circles, suggest strong buying interest.
After briefly testing the $7 support, the RENDER price experienced a sharp rebound. The price movement has generated a 25% increase, indicating evolving market dynamics. Based on technical analysis, the formation of higher highs and higher lows suggests an emergent upward trajectory.
RENDER Chart Analysis
The chart highlights several technical features supporting a bullish outlook. A broader demand zone, shaded in gray, lies just below the $7 mark, reinforcing the area as a key accumulation zone. The chart also depicts a green arrow projecting further upward movement, suggesting optimism among traders.
Horizontal red lines identify major historical resistance and support levels, with the $7 level serving as a pivot point. The breakout above this level indicates that previous resistance has turned into new support, a hallmark of bullish price action.
Analyst’s Perspective on RENDER’s Rally
Sjuul stated, “And there you go, $7 level just perfectly held, and we started pumping from there. Already 25% up and this is probably just the beginning!” His commentary underscores the significance of the $7 support and the potential for continued price growth.
While the 25% rally has captured attention, market participants remain cautious. A sustained move above resistance levels will be necessary to confirm a longer-term trend. Conversely, any decline below $7 could invalidate the bullish scenario and lead to renewed selling pressure.
Moreover, RENDER’s price action suggests that it could be entering a phase of sustained bullish momentum. Traders and investors are monitoring the cryptocurrency for additional gains.
As RENDER continues to consolidate above $7, analysts emphasize the importance of maintaining momentum to support further upward movement.
Read Also: Worldcoin (WLD) Price Ready for Double-Digit Rally as Key Support Holds, But There’s a Catch
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