With the long-coming resistance trendline breakout, the RENDER (RNDR) token price has crossed the $8 mark. However, the higher price rejection warns of a bullish failure despite the broader market maintaining a bullish trend.
Will a rising wedge breakdown result in a quick pullback in RENDER and go against the bullish market? Let’s find out in this RNDR price analysis.
In the daily chart, the RNDR token price showcases a bullish trend gaining momentum. With the recent trendline breakout rally, the higher high formation in the render price continues.
Currently, the RNDR token is trading at a market price of $8.09 following the 6.39% surge last night. The bullish surge resulted in a bullish candle completing a morning star pattern.
However, the constricting range is teasing a rising wedge formation. Currently, the Render price trend is challenging the overhead resistance trendline.
The higher price rejection resulting in a long wick in the intraday candle reveals the incoming supply. The bull run in the Render token price started from $4.21 and now accounts for a nearly 90% surge.
However, a rising wedge pattern warns of a bullish failure, resulting in a quick pullback to retest the $6.88 breakout.
The prevailing bull run has resulted in a golden crossover and is now teasing a crossover between the 100-day and 200-day EMA lines. The constricting price movement within the rising wedge pattern merges the MACD and signal lines and warns of a negative crossover.
Hence, the technical indicators have opposing views on the upcoming price trend in the RNDR token.
Based on the price action analysis, the short-term pullback due to the rising wedge pattern is possible to retest the $0.07 mark. However, with the broader market recovery, the uptrend is likely to challenge the immediate resistance level at $9.30. By the end of the year, the bullish continuation will target the $11.65 and $13.27 horizontal levels.
On the flip side, if the broader market fails to gain momentum, the next support levels for the RNDR price trend are at $6.19 and $5.22.
Will the RNDR price cross the $1 mark in the next bull run? Find answers to such questions now in our RNDR price prediction.
1. What is the current price of RNDR, and how much has it surged?
The current price of RNDR is $8.09, reflecting a 90% surge from its starting point of $4.21.
2. Will RNDR cross the $10 mark?
RNDR is likely to challenge $9.30 in the short term, with potential to cross $10 and target $11.65 by year-end if bullish momentum persists.
3. What are the key support levels for RNDR in case of a pullback?
The immediate support levels are $6.88, $6.19, and $5.22, with the rising wedge pattern suggesting a possible retest.
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