Potential 65-70% Surge for Render Token: Classic Bullish Pattern Emerges, Signaling Strong Upward Momentum

Render Token (RNDR) is hinting at a potential price surge, with a classic technical pattern emerging on the 6-hour chart. According to pseudonymous crypto trader WHALES_CRYPTOx, Render is forming a falling wedge, a bullish continuation pattern that often precedes significant price increases.

A falling wedge features two converging trend lines. The upper descending resistance line slopes downward at a steeper angle compared to the lower ascending support line. This pattern typically signifies a pause in a downtrend, with a potential breakout upwards once the wedge tightens.

WHALES_CRYPTOx notes that the descending resistance has consistently capped upward movements for Render, highlighting multiple resistance points where the price has failed to break through. However, the ascending support has reliably acted as a floor, preventing further price drops and indicating a gradual increase in buying pressure.

Encountering A Render Price Breakout

The token price is nearing a crucial moment as it approaches the apex of the wedge pattern. Historically, the closer the price gets to this point without breaking out, the stronger the subsequent move tends to be. Analysis suggests that a successful breakout from this wedge could lead to a significant bullish rally, with a potential 65-70% price surge.

The volume profile supports this bullish sentiment, showing a notable increase in trading activity at these levels. This indicates heightened investor interest and accumulation, possibly setting the stage for a price rise.

Additionally, the price is currently above the 50-period moving average (MA), which has historically acted as a dynamic resistance for RNDR. Breaching this level further validates the potential for a bullish breakout.

Further strengthening the bullish case is the Chaikin Money Flow (CMF) indicator, currently at 0.15. This indicates a positive cash influx into the token, suggesting sustained buying interest from investors.

If Render successfully breaks above the descending resistance line, the first target would be the resistance at $10.37. A clean break above this level could propel the price towards $13.51, aligning with historical resistance levels. However, failure to break out could see the price revisit lower support levels around $6.27.

Furthermore, the author’s views are for reference only and shall not constitute investment advice. Before purchasing, please ensure you fully understand and assess the products and associated risks.