In a market with mixed expectations, Render has been well received by analysts and cryptocurrency believers. Current value $4.80, Cryptocurrency researcher Crypto Patel predicts that Render will surge by over 990% to $50. This could happen despite the coin being down 75% from its peak.
Related reading
Conversely, Crypto Alex found that Render’s charts contain a bullish inverse head and shoulders pattern that could lead to a significant rally once sellers lose momentum. With these two contrasting outlooks, Render is at an intersection, making its future interesting.
Main support and buy areas
Moreover, the analysis is not entirely based on Patel’s bullish price target. He has managed to identify crucial buying zones for investors. According to him, the entry point, near $4-3.5 and $2-1.7, could turn into a potential upside for the token.
RNDR/USDT Bullish Analysis Towards $50 🚀$render The cryptocurrency has taken a hit, falling 75% from its recent peak, but is now trading at around $4.58, having made a strong recovery from the $3 support level.
Main buying areas:
Entry 1: $4 – $3.50
Entry 2: $2 – $1.7
Goal: $50If RNDR can hold out… pic.twitter.com/ytL5mul0U0
— Crypto Patel (@CryptoPatel) August 13, 2024
However, Patel said the main focus is on the support level at $3. If the coin can hold above this barrier, it would indicate a strong uptrend. If it is below that, the optimal buying areas could be at $4.
Show: Bearish signs
RNDR stock has negative aspects. A close look at the technical indicators suggests caution. The 1-day chart indicates a continuation of the downtrend. The Keltner Channels indicator shows the Render stock price below the middle line, indicating negative momentum. The price usually touches or hangs near the lower band, indicating strong selling pressure.
Now, the low RSI reading of 34.16, below the neutral level of 50, is actually a point of concern. With the RSI below 30, the downward momentum could continue, although oversold conditions could eventually lead to a bounce. The Chaikin Money Flow indicator comes in at -0.05, indicating only a slight inflow of capital. This means that even while the sellers have a very slight advantage, the situation is not radically extreme.
bullish pattern
According to Crypto Alex, the charts show a bullish inverse head and shoulders pattern. A change in trend may be occurring here due to the pattern that started in early August. The left shoulder and head form a bottom and then the right shoulder forms an inverse head and shoulders, all higher than the head.
$render Bottom in 🚨
Break above $5.2 and RENDER will shine 🚀 pic.twitter.com/ERdQ0SP6Z9
— AMCrypto (@AMCryptoAlex) August 10, 2024
The neckline of this pattern comes in at just below $5.2 which is significant. A clear break above this resistance level could send the price higher. Render has previously rejected this level, but higher lows indicate buying pressure. A break of the $5.2 resistance level could send the coin higher and reach Patel’s higher target.
Related reading
Render Token finds itself at a crossroads with different forecasts from analysts. Crypto Patel sees a parabolic move to $50 despite recent declines, identifying key buying areas and the need to hold above $3. For his part, Crypto Alex pointed to what could be a bullish inverse head and shoulders pattern.
In this regard, he noted that if RNDR breaks above $5.2, we could see a massive rally. Both analysts have put forward very interesting but contradictory views; therefore, RNDR’s next move will be important to watch.
Featured image from Phys.org, chart from TradingView
Comments are closed, but trackbacks and pingbacks are open.