Render (RNDR) Is Poised for Breakout Toward $6.70

Render (RNDR) is now at a turning point in the charts, presenting a dual-edged set of signals to the trader.

Render (RNDR) is heating up as the token surges despite market volatility and macro factors. Meanwhile, the overall market is stabilizing as Bitcoin is now trading around its initial key support levels.

Render (RNDR) Price Today

RNDR price today is $ 3.96 USD with a 24-hour trading volume of $ 104.01M. RNDR price is up 8.72% in the last 24 hours.

Over the last week, RNDR has risen by 18.42%.

Among the top 100 cryptocurrencies, Render has experienced the largest gain in the last 24 hours. Moreover, RNDR is currently trending on Coinmarketcap.

Render Poised for Breakout Toward $6.70

Render (RNDR) stands at a crossroads in the charts, presenting a double-edged set of signals for traders. The asset has formed a double bottom chart pattern with a Swing Failure Pattern (SFP), both positive developments as they indicate sellers were unable to push the price lower.

This may increase the chances of buyers stepping in. These patterns tend to signal that a change in trend might be unfolding, suggesting a reversal from the bearish structure. The structure break provides the bullish argument with strength, indicating RNDR could be preparing for a significant move if the setup is confirmed.

However, RNDR faces a major obstacle: resistance at the $4.28 mark. This level has acted as a point of rejection in the past, proving difficult to break through. The presence of resistance at this point complicates long entries, increasing the possibility of a failed breakout, despite traders' eagerness to enter now.

Two strategic options are being considered by traders. The aggressive play involves entering on a lower time frame (LTF) dip, anticipating a direct upward shot if momentum continues. A conservative, and potentially higher probability, approach is to wait for a confirmed breakout above $4.28, ideally with a retest that transforms resistance into support.

If that occurs, it would likely target price levels of $5.40 and ultimately $6.70, aligning with past resistance levels and Fibonacci levels.

However, the bullish scenario is threatened. If RNDR loses the bottom and slides back to the double bottom level, the scenario would be invalidated, setting the token up for further declines.

In the meantime, RNDR is a coin to keep an eye on, struggling with potentially positive upside but technical resistance. As always, timing and persistence can be crucial for riding the next move.

News data source: kdj.com

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