Brace For Impact: Render Poised For A Staggering 990% Surge — Analysts
15 August 2024 - 12:30AM
NEWSBTC
In a market with divergent projections, the Render token warms up
to analysts and crypto believers. At a present value of $4.80,
cryptocurrency researcher Crypto Patel has predicted Render is
going to skyrocket over 990% to as high as $50. This could happen
despite the token having plunged 75% from its peak. Related
Reading: Helium (HNT) Surges 48% — Here’s What’s Fueling The Rally
Conversely, Crypto Alex found Render charts contained a bullish
inverse head-and-shoulders pattern that could trigger a significant
rally once sellers lose momentum. With these two diverging views,
Render is at a junction, making its future interesting. Key Support
And Buy Zones Moreover, the analysis is not based entirely on
Patel’s optimistic price target. He has been able to identify
crucial buying zones for the investors. The entry point, according
to him, near $4-$3.5 and $2-$1.7, may turn out to be a prospective
upsurge of the token. RNDR/USDT Bullish Analysis Toward $50 🚀$RNDR
has taken a hit, dropping 75% from its recent peak, but it’s now
trading around $4.58 and has made a strong recovery from the $3
support level. Key Buying Zones: Entry 1: $4 – $3.5 Entry 2: $2 –
$1.7 Target: $50 If RNDR can hold… pic.twitter.com/ytL5mul0U0 —
Crypto Patel (@CryptoPatel) August 13, 2024 However, Patel said
that more emphasis is given to the $3 support level. If the token
is able to stay above this barrier, then that would indicate a
strong uptrend. If below, then optimal purchasing zones may need to
be $4. Render: Bearish Signs RNDR has its downsides. A closer look
at technical indications suggests caution. The 1-Day chart suggests
ongoing bearishness. The Keltner Channels indicator shows Render’s
price below the middle line foreshadowing negative momentum. The
price commonly touches or hangs near the bottom band that indicates
strong selling pressure. Now, a low reading of 34.16 RSI, below the
neutral 50, is actually a point of concern. With an RSI below 30,
bearish momentum can continue, although oversold conditions could
finally lead to a rebound. Chaikin Money Flow comes in at -0.05,
indicating only a slight capital outflow. This means that, even
while sellers have a very slight advantage, the situation is not
radically extreme. Bullish Pattern Render charts spell out a
bullish inverse head-and-shoulders pattern, according to Crypto
Alex. A trend change might be happening here due to the pattern
that started in early August. The left shoulder, the head as the
low, and then the right shoulder all form the inverse head and
shoulders, all higher compared to the head. $RENDER bottom is in 🚨
A breakout above $5.2 and RENDER will moon 🚀
pic.twitter.com/ERdQ0SP6Z9 — AMCrypto (@AMCryptoAlex) August 10,
2024 The neckline of this pattern comes in just below $5.2 and is
important. A clear break above this resistance level could see
prices higher. Render has rebuffed this level previously, but
higher lows suggest buying pressure. The token breaking the $5.2
resistance might see it rise further and hit Patel’s lofty target.
Related Reading: Celestia (TIA) Gains 14% Following Network Upgrade
Announcement Render Token finds itself at a crossroads with
differing forecasts from analysts. Crypto Patel sees a parabolic
move up to $50 despite recent drops, outlining key buying zones and
the need to hold above $3. Crypto Alex, on his end, has pointed to
what could be a bullish inverse head-and-shoulders pattern. To that
regard, he noted that if RNDR broke above $5.2, a huge rise could
be witnessed. Both analysts have put forward very interesting but
contrasting views; therefore, RNDR’s next move will be important to
watch. Featured image from Phys.org, chart from TradingView
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