Render Holds Key Support After 29% Drop, Analyst Targets $12

Render (RENDER) is currently trading above a crucial support level after a massive 29% drop from its recent highs. Amidst widespread selling pressure in the market, Render’s ability to hold this technical level could pave the way for a significant price rally in the coming weeks.

With the broader market in turmoil, Render is proving resilient at this pivotal point. Analysts and traders are keeping a close eye on the situation, with one chartist making a bold prediction for the altcoin’s trajectory over the next few months. If the support level holds, the price could see a strong upward move, making it an important asset to watch for potential gains.

The price seems to be over $11.

With the market undergoing another correction since its March highs, traders and investors are adjusting their positions for the coming months, with many optimistic about Render’s potential. Amidst this market volatility, it has gained a lot of attention due to its performance and potential for significant returns. Prominent chart analyst Marco Polo recently suggested that Render could be a good option. Analysis shared on X This highlights Render’s recent bottom on August 5. Polo’s predictions suggest the price could reach $11.88 by the end of the year, a critical resistance level.

Polo’s analysis suggests that once Render stock starts trending upward, the move is expected to be aggressive and rapid. This rapid rise could pose challenges for retail investors trying to enter the market early. The expected rise could create a situation where the price gains momentum quickly, making it difficult for those who are not already in a position to take advantage of the initial stages of the rally.

Current market dynamics, coupled with Polo’s bullish outlook, suggest that Render could be poised for significant gains if it continues to hold above key support levels. Traders and investors are closely watching the price, positioning themselves for a potential breakout. As it approaches critical resistance levels, the market will focus on its ability to maintain its technical strength and capitalize on the expected upside.

Technical levels to watch

Render is currently trading at $5.27, holding above the 4-hour 200 moving average (MA) of $5.10. This key technical indicator is crucial for assessing price strength, as it often signals support when respected.

After a brief dip below this moving average for a few hours, the price has since recovered and is now trading above it again. This recent price action suggests that a potential move higher could be on the horizon in the coming days.

If the price fails to hold the support level at the 200-hour moving average, the next critical level to watch is at $4.63. This level will be the next test point if the current support fails, which could signal further decline.

Traders should watch price action around these levels closely, as staying above the 200-day moving average could signal continued bullish momentum, while a drop below it could prompt a deeper correction.