🔥 $RENDER forms a strong bullish pattern: here’s the next price target
Render Token ($RENDER) has once again caught the eye of cryptocurrency analysts by forming a notable bullish chart pattern known as the cup and handle.
This pattern, identified on the daily chart, has a neckline set at around $10, which is a critical resistance level for the token.
Currently trading at $8.6, the token price is almost completing the formation of the handle as it rises from a small decline that saw it test $6.7.
🔸 Pattern shows RENDER price to break past $10
The cup and handle pattern, a classic bullish signal in technical analysis, has historically led to substantial price increases once the breakout above the neckline occurs.
The pattern begins with the ‘cup’, a ‘U’-shaped formation, reflecting a period of consolidation following a price decline.
After the cup, the ‘handle’ forms, typically a smaller downward movement or consolidation that sets the stage for a breakout.
For $RENDER, the handle is currently forming, with the price hovering around $8.6, suggesting that a breakout above the neckline at $10 could be imminent.
Analysts are buzzing with anticipation, suggesting that once the handle formation is completed, RENDER could be on a path to a major bullish run.
At the current price, RENDER only requires an 18% rise to hit $10, which many see could occur within a week seeing that it gained over 23% over the past week.
🔸 Factors expected to propel Render price higher
Several factors are expected to contribute to the upward momentum of RENDER beyond the $10 mark.
Firstly, the increasing adoption and integration of Render Network within various sectors of the digital economy play a crucial role.
Render Network’s unique proposition of decentralized GPU rendering for high-quality graphics and complex computations is gaining traction, especially in the gaming, virtual reality, and film industries.
This growing utility could naturally drive demand for $RENDER, pushing its price upward.