Top analyst CW shared on X (formerly Twitter) that RENDER’s price has started a rally after bouncing off a strong buy wall. The short-term target for the token is set at $9, where a sell wall exists, while the medium-term projection is $13.9. These insights align closely with recent technical analysis, highlighting potential bullish momentum.
RENDER Technical Analysis
RENDER’s price action suggests a sharp decline from previous highs, forming a descending wedge pattern. This pattern, often associated with bullish reversals, saw a breakout that indicates upward momentum.
The current rally is supported by strong trading volume, which bolsters the breakout’s validity. Traders have noted the green zone between $6 and $7 as a critical support area, where buying activity has been concentrated, forming a base for the current price increase.
Short-term resistance is identified at $9, where a sell wall could limit upward movement. Breaking past this level could pave the way for further gains, with the medium-term target aligning with the $13.9 resistance zone.
Image Source: X/CW Key Support and Resistance Levels
The analysis highlights two key zones: support between $6 and $7 and resistance at $9 and $13.9. The green support zone indicates strong demand, preventing further downside during previous price declines. The $9 resistance zone, marked as a sell wall, represents a potential hurdle in the short term.
If RENDER’s price breaks above $9 with sufficient trading volume, it could trigger a rally toward the $13.9 level, reinforcing its medium-term bullish outlook. However, failure to clear $9 could result in a pullback, testing support at $7.
Moreover, the descending wedge breakout has positioned RENDER on a potential upward trajectory. Volume analysis confirms increased buying activity, signaling growing market interest. Trendlines that formed the wedge pattern were breached decisively, indicating strong bullish sentiment.
The projected short-term movement toward $9 reflects the momentum built after the breakout. The medium-term target of $13.9, noted in the analysis and tweet, provides an optimistic yet calculated outlook for the token.
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Risks and Potential Scenarios
While RENDER’s price shows bullish potential, risks include selling pressure at $9, which could hinder upward momentum. Broader market conditions or unforeseen events could also influence the trajectory. Traders should monitor volume levels and market sentiment closely to assess the sustainability of the current rally.
The chart analysis and accompanying tweet suggest that RENDER has the potential for further growth, provided it overcomes the outlined resistance levels. The short- and medium-term projections indicate that the token may continue to attract interest as market participants assess its next moves.
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The post Is RENDER Price Poised for a Strong Rally? Key Levels to Watch appeared first on CaptainAltcoin.