As a seasoned crypto investor with a few years under my belt, I’ve seen my fair share of altcoins come and go. Some have proven to be profitable investments, while others have left me feeling disappointed. However, among the newcomers, Render (RNDR) has truly stood out.
I, as an analyst, have observed that Bitcoin‘s upward trend is influencing many altcoins to rise in tandem. Among these, Render (RNDR) stands out as particularly bullish. But the question remains: how high can RNDR go?
$RNDR breaks out
As a crypto investor in RNDR, I’ve noticed an exciting development: the price has broken free from the triangle pattern it had been stuck in since March this year. This triangle encompassed the significant surge to a new all-time high of $13.80, followed by a 54.5% correction to the downside. However, after hitting a local bottom, the price has been gradually regaining strength, setting the stage for this impressive breakout.
In the current market uptrend, the previous support level of $9.74 for RNDR has been revisited. The next step would be for the price to surmount the resistance around $10.60, which it is currently approaching closely.
$RNDR bounce looks robust
As an analyst, I’ve noticed that the weekly chart of RNDR presents a clear and compelling picture. The robust price levels at $7 and $8 have served as solid foundations for the stock, as evidenced by the lengthy wicks below these points.
The current rebound appears quite strong, and if the price surmounts the resistance at $10.60, a new record high might be in store, given the stochastic RSI’s crossover, which could generate significant momentum.
In the current cryptocurrency boom, numerous altcoins have underperformed. However, $RNDR is an exception. Over the past five weeks, it has surged by 86%, outpacing even Bitcoin. It appears that $RNDR’s success story is likely to continue unfolding in this bull market.
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2024-05-07 14:05