Render (RNDR) Price Prediction: Will the Ongoing Bullish Streak Break the $10 Milestone?

With a market cap of $4.19 billion, Render's price has reclaimed the $8 mark. It has increased by 21% over the last seven days and has reached a trading volume of $1.23 billion.

After a market-wide sell-off in December, Render (RNDR) price has shown an impressive recovery. This price rally has been fueled by a breakout from a crucial technical formation, leading to a bullish continuation.

As the bull run gains momentum, traders are speculating on whether Render's price will continue its ascent and cross the significant $10 milestone. Here's a technical analysis to assess this possibility.

Render Channel Breakout Commences a Bullish Rally

The Render (RNDR) daily chart showcases a price trend reversal with a breakout from a prolonged resistance trend line, signaling a substantial shift in price action.

This breakout marks the conclusion of a falling channel pattern, indicating the beginning of a bullish trend. Following a V-shaped reversal from the $4.21 support level, RNDR price commenced a strong uptrend.

Currently, it trades at $8.08, reflecting a 96.16% price increase over the last 16 days. This bullish recovery breached the 38.20% Fibonacci level at $7.5625.

Moreover, Render price makes the sixth consecutive green candle with an intraday rise of 3.13%. This surge in underlying bullish sentiments led to a positive crossover between the 50-day and 100-day EMA lines.

At the same time, the MACD and signal lines are positioned above the zero line, presenting a bullish histogram.

Crucial Resistance at $8.62, Will RNDR Price Cross $10?

After a bullish trend reversal breached a four-month high, the underlying trend has shifted noticeably. The uptrend is likely to continue, breaking through the immediate resistance at $8.62, the 50% Fibonacci level.

If the broader market recovers, the bulls could target the next price levels at $9.68 and $11.20. With the increasing bullish momentum and rising trading volume, Render's price is poised to surpass the $10 psychological mark.

Conversely, crucial support levels are at $7.56 and $6.24.

DisClamier: This content is informational and not intended as financial advice. The views expressed in this article might not reflect those of The Crypto Basic. Pay attention to conducting your thorough research before making any investment decisions. The Crypto Basic and its members bear no liability for any incurred financial losses.