Render price bursts before Rendercon: Will the parabola begin?

Render (RNDR) coin price rose by more than 7% within 24 hours, attracting market attention. Interestingly, despite trading volumes falling by more than 22%, the price still rose, adding mystery to this breakthrough. Many analysts closely monitored the phenomenon on the eve of the Rendercon conference.

Currently, the price of RNDR is about $3.07.

Social media analyst Rendoshi Tokamoto (with more than 18,000 followers) pointed to a significant bullish divergence on the daily chart, suggesting that RNDR may outperform other altcoins in the coming weeks. Another cryptocurrency analyst, Sherif, who has more than 100,000 followers, also noticed that RNDR broke through the $2.90 resistance and maintained a strong upward momentum.

RNDR technical analysis: double bottom pattern and trend line breakthrough

Technical charts show that since November 2024, RNDR prices have been running below a long-term downward trend line. The current breakthrough may bring more buying pressure.

In addition, the price forms a double bottom pattern in the range of $2.30-2.40, which is usually seen as a bullish reversal signal. Relative Strength Indicators (RSIs) also support this view, showing a clear bullish divergence. Despite the sluggish price trend, RSI has formed higher lows and continues to climb, and is currently approaching a neutral value of 50. This pattern indicates that the buyer's strength is increasing.

Another analyst, Crypto Trader Techinalsis, pointed out that RSI is about to break through 50, further confirming the momentum shift and benefiting the buyer. This is in line with expectations of a market bottoming out as a whole and altcoin gains in the coming weeks.

Render Network Update: Protocol Upgrade and Conference

$2.90 was once regarded as a key resistance level, which Sherif pointed out has been effectively broken. However, despite rising prices, trading volumes have fallen, which requires careful consideration of short-term forecasts.

Sherif believes that the protocol upgrade is a catalyst for long-term value growth. Combining the technical reversal signal and the approaching of the Rendercon Conference, market activity may reflect speculative positions and renewed attention to the token.

Relative Strength Indicators (RSI)

RSI is a momentum indicator that measures the extent of recent price increases or declines and is often used to identify overbought or oversold conditions. It is generally believed that RSI is above 70 to be overbought, and below 30 to be oversold, but these levels will vary by time range and market.

In this case, RSI shows a bullish divergence, i.e., price drops while RSI forms higher lows and continues to rise, indicating that buyer strength is increasing. RSI is currently approaching a neutral value of 50, which may indicate a reduction in selling pressure and the buyer's return.

Summarize

Analysis shows that RNDR prices may rise in the coming weeks. The double bottom pattern of $2.30-2.40 is a bullish reversal signal, usually accompanied by price increases. The bullish divergence of RSI also supports the view that sellers are weakening and buyers are returning.

Rendoshi believes that if the RNDR price breaks through the trend resistance level of $3.60-4.00, it may drive other altcoins to form a bottom. However, whether this marks the beginning of the long-term parabolic trend of RNDR remains to be seen. Only time can prove whether RNDR can maintain its upward trend and continue to rise.

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