Render (RNDR) Price Prediction: Market Momentum Signals Renewed Bullish Momentum

Render [RNDR] has surged in the market, drawing significant attention from traders as it decisively broke through critical resistance levels – A sign of renewed bullish momentum.

After weeks of consolidation and a prolonged downtrend, Render (RNDR) finally showcased a breakout on the charts. This move followed a confirmed retracement in the daily timeframe, signaling the end of its downtrend.

At press time, RNDR was trading at $7.08, following a 5.23% hike in the last 24 hours. This brought the token closer to its next key target of $12.05, an area that could present a potential 70% upside.

But the question remained – Does the prevailing market momentum justify the optimism?

Retracement drives breakout beyond resistance

Having exited its descending channel – a technical structure that capped its upside for months – RNDR’s breakout was fueled by consistent buy volume, from a solid support zone around $4.00.

This move confirmed the retracement and initiated a new uptrend, as the token breached a crucial resistance level at $6.67. Hence, with a clear path towards $12.05, RNDR might be poised to challenge higher levels in the coming days.

However, challenges remained as a retracement breakout alone could not guarantee sustained upward movement. The $12.05 resistance – a historical level of seller strength – will test the durability of RNDR’s momentum.

Source: TradingView

Render’s technical indicators revealed growing strength

Technical indicators provided additional reasons for optimism. Recently, the 9-day and 21-day Moving Averages (MA) crossed over, signaling bullish momentum.

Moreover, the Relative Strength Index (RSI) stood at 68.54, indicating strong buying activity. However, it also approached overbought conditions, suggesting the potential for short-term consolidation before any further upward movement.

Additionally, volume trends supported the ongoing price breakout on the charts. Higher trading volumes during the upward move confirmed strong market interest, which could sustain RNDR’s push towards its next target.

Source: TradingView

On-chain data hints at caution

Despite the bullish price action, on-chain data revealed a sharp decline in daily active addresses. Activity dropped from 703 to just 209, signaling a possible fall in user engagement.

This raised questions about whether speculative interest alone was driving the rally. However, a fall in active addresses often coincided with price consolidation and may not affect long-term prospects.

Source: Santiment

Growing market metrics

Finally, traders’ sentiment improved significantly, reflected by a 9.79% hike in Open Interest (OI), with the same flashing figures of $121.79 million.

This uptick suggested that more traders were positioning themselves for RNDR’s next major move. Hence, the alignment between market sentiment and price action supported the case for further gains.

Source: Coinglass

Read Render’s [RNDR] Price Prediction 2024–2025

In conclusion, RNDR’s breakout above $6.67 confirmed its bullish retracement, with technical and market sentiment aligning for a push towards $12.05.

While declining active addresses warranted caution, the overall outlook remained strong. Consequently, RNDR may be well-positioned to sustain its rally, barring unexpected market shifts.