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Sohrab Khawas
Sohrab Khawas
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Sohrab is a passionate cryptocurrency news writer with over five years of experience covering the industry. He keeps a keen interest in blockchain technology and its potential to revolutionize finance. Whether he's trading or writing, Sohrab always keeps his finger on the pulse of the crypto world, using his expertise to deliver informative and engaging articles that educate and inspire. When he's not analyzing the markets, Sohrab indulges in his hobbies of graphic design, minimal design or listening to his favorite hip-hop tunes.
- Dec 05, 2024 07:34 UTC
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RNDR Price Jumps 9.29%: Is a Bull Run to $13 on the Horizon?
Falling Channel Breakout: RNDR recently broke resistance, gaining 26%, but now faces a retest of the broken trendline.
Key Resistance at $11.65: RNDR faces immediate resistance at $11.65, with the next target at $13.27 if the uptrend continues.
Support at $9.30: A breakdown below $9.30 could lead to a retest of lower support levels, including the 50-day and 100-day EMAs.
With a new bull run in the crypto market, the AI tokens are back in action as Bitcoin crosses the $100,000 mark. RENDER has increased by 9.29% among the top-performing AI tokens, reaching a market price of $9.79.
As the AI token reaches a market cap of $5 billion, the broader market anticipates a bull run in RNDR price to cross the $13 barrier. Will this ongoing rally result in an extended bull run? Let’s find out.
Render Price Analysis
The 4-hour chart shows the RNDR price action showcasing a falling channel breakout rally, gaining momentum. After consolidating within the parallel range for most of November, the recent surge of 26% creates a gold candle, breaking the overhead resistance trendline.
Starting from the 50-day EMA, the bullish candle extended from $8.67 to a closing price of $10.93. Further, the RNDR price surpassing the $10 psychological mark marks the 24-hour high at $11.75.
However, the sudden pullback due to the overhead supply and the pullback in the broader market has led to a retest. With an 11.16% drop in the past 4 hours, a red candle retests the broken resistance trendline.
Currently, the RNDR price is at $9.70 and teases a post-retest reversal. However, the intensity of the red candle warns of a bullish failure.
With the bullish candle, the MACD and signal lines have regained positive alignment, suggesting a potential uptrend if the prices avoid a closing below the $10 psychological barrier.
Will RNDR Price Shoot Up Post-Retest?
Currently, the RNDR price is within two crucial boundary lines, with $9.30 acting as the nearest support and $11.65 as the immediate resistance. A breakout of either of the price levels will determine the upcoming price trend.
In case of a bullish return, around $13.27 and $15 psychological marks are the immediate price targets. In case of closing below the $9.30 support, the 50-day EMA and the 100-day EMA at $8.65 and $8.13 could provide reversal chances.
Read More: Render (RNDR) Price Prediction 2024, 2025-2030.
FAQs
If the price holds above $9.30 and sustains its bullish trend, RNDR has a strong chance of breaking past the $13 mark.
Render’s key support level is $9.30. A drop below this level could test the 50-day and 100-day EMAs around $8.65 and $8.13.
Render is trading at $9.70, currently testing a post-retest reversal after a pullback from recent highs.
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