Render: THIS pattern points to $10 – But can RNDR first break $6.75?
The post Render: THIS pattern points to $10 – But can RNDR first break $6.75? appeared on BitcoinEthereumNews.com.
A bullish pennant pattern and key resistance at $6.75 indicated potential upward momentum. On-chain data showed cautious optimism, with high NVT signaling strong speculative interest. Render [RNDR] stands at a critical juncture, aiming to break free from a lengthy downtrend and capitalize on bullish momentum. At press time, RNDR was trading at $5.41, up 6.16% in the past day. This momentum, combined with a bullish pennant formation, could push RNDR beyond its key resistance at $6.75. If successful, RNDR may target the $10 to $15 range. However, will this rally continue, or will resistance hold firm? Is RNDR primed for a breakout? RNDR has been consolidating within a well-defined range of late, shaped by a descending trendline and a horizontal support level near $4.10. This setup has formed a bullish pennant pattern, often a precursor to a strong upward move. The $6.75 resistance level serves as the immediate barrier. A breakout at this level could validate the pattern, setting RNDR up for notable gains. The primary target for a successful breakout stood at $10.89, representing over 100% potential upside. Source: TradingView Additionally, the recent crossover between the 9-day and 21-day moving averages signals short-term bullish momentum. This crossover often precedes upward moves, suggesting that traders may continue accumulating positions. The combination of this moving average setup with rising volume strengthens the bullish outlook for RNDR, enhancing the likelihood of a breakout if favorable conditions persist. Fibonacci retracement levels add further insight into possible price trajectories. The 0.786 level at $6.24 closely aligns with the critical $6.75 resistance, further emphasizing its importance. Therefore, a decisive move beyond this range could propel $RNDR toward higher Fibonacci extensions, with targets at $8.49, $11.20, and possibly $15.58. Source: TradingView Mixed signals but a bullish lean On-chain metrics offer a nuanced view. Net Network Growth…
Filed under: News - @ November 10, 2024 8:12 pm