Analyst Crypto Patel has shared insights on the price movements of RENDER, suggesting a potential upward surge. According to his analysis, the token’s current price action hinges on the crucial $4 support level.
However, there are challenges that investors must watch closely before aiming for the ambitious $20 target. As of now, RENDER is in a downward trend within a descending channel, exhibiting bearish tendencies.
The price has been experiencing lower highs and lower lows, indicating market weakness. Despite this, the $4 support level stands as a key point to monitor. Patel emphasizes that holding this level could initiate a recovery.
#RENDER/USDT Chart Analysis$RENDER looks promising, with the next uptrend depending on the $4 support level. If $4 holds, we could see a target of $20! However, if $4 breaks, expect a potential drop toward $1 support.Key Levels:Strong Supports: $4/$1.50Resistance: $6.50… pic.twitter.com/3wliexPGM7
— Crypto Patel (@CryptoPatel) October 11, 2024
If $4 is breached, a more severe drop could follow, potentially driving the price toward the next support at $1.50. Patel’s analysis points to these levels as critical markers for future price movements, giving traders clear zones to monitor.
Resistance Levels and Potential Upside
While the current trend is bearish, Crypto Patel highlights the resistance level of $6.50 as a hurdle for any bullish attempt. Breaking through this resistance would signal the beginning of a potential rally, creating an opportunity for the token to push higher.
Should market sentiment improve and the $6.50 resistance be cleared, the price could move toward Patel’s optimistic target of $20. However, achieving this level would likely require substantial market catalysts and improved investor confidence.
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Bearish and Bullish Scenarios
Crypto Patel outlines two possible scenarios for RENDER. On the bullish side, maintaining support at $4 and breaking past the $6.50 resistance could propel the price toward the ambitious $20 mark. This scenario would represent a dramatic reversal of the current bearish trend, fueled by positive market developments.
On the bearish side, failing to hold $4 could result in a sharp decline toward $1.50, as the analyst warns. This outcome aligns with the token’s downward trajectory, signaling further weakness in the short term.
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