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With a 250% Gain in Just 6 Months, Is RNDR Able to Conquer Resistance?
Technical signs and expert estimates point to a significant price spike for Render (RNDR), a cloud-based rendering network, in the next weeks or months, which is causing a stir in the cryptocurrency market.
There is a positive picture for RNDR in the technical analysis. A bullish technical pattern called the Dragon Pattern, or the supply line, has been just broken out by the token. In the past, when prices broke out, it meant that momentum was changing and that prices were likely to continue trending higher.
The fact that experts are seeing Three Rising Valleys appear on RNDR's chart only adds gasoline to the fire. If this pattern holds, it might mean the market has hit bottom and is about to turn around from its recent negative trend.
In addition, the four-hour chart shows a positive divergence, which suggests that selling pressure is decreasing. Sellers are having trouble driving prices down and have not been able to breach below their prior lows.
Famous cryptocurrency researcher DoJi thinks these technical indications would cause prices to skyrocket. The Three Rising Valleys study that DoJi conducted led him to establish a price objective of about $13 for RNDR. He goes even further, speculating that if past price movements are any indication, there will be a price explosion over $20.
With a 250% Gain in Just 6 Months, Is RNDR Able to Conquer Resistance?
The value of RNDR increased by a whopping 250% in the last six months. A volatile market is indicated by the pattern of price fluctuations, which consists of impulsive and corrective swings.
Both pessimistic and optimistic scenarios may be considered when predicting the future price of RNDR. The price is likely to encounter $10.90 as a support level and $13.30 as a more substantial obstacle.
In the event of a price decline, $6.18 or even $3.79 can serve as a support level.
