After a breakout from its bullish flag pattern, Render [RNDR] has attracted considerable market attention, pushing its price up to $8.14, showing an increase of 8.71% at the current time.
This breakout occurred following the token’s achievement of a $4 billion market cap, drawing the interest of both investors and traders.
As RNDR approaches the key resistance level of $10 and eyes a potential target of $14, the upcoming price action could have a significant impact on its future trajectory.
The question now arises: can Render sustain its upward trend, or is a price correction on the horizon?
Factors Influencing Price Movement
The recent bullish breakout by Render indicates a rise in investor confidence.
Breaking out from the bullish flag pattern has paved the way for a potential rally towards the crucial $10 resistance level, which could dictate RNDR’s next move.
If RNDR manages to surpass this hurdle, traders might set their sights on $14 as the next target, representing a potential 70% upside from the current price.
Furthermore, the token’s recent market cap milestone of $4 billion signals a growing interest in Render’s ecosystem, often attracting more investors and laying a solid groundwork for future price appreciation.
Examining Render’s technical indicators, the Relative Strength Index (RSI) stood at 59.28, suggesting the token is in bullish territory but nearing overbought levels. While the price may continue to rise, the risk of a correction also looms as RNDR approaches the overbought zone.
Data Insights
Recent network activity for RNDR is displaying positive trends with a rise in daily active addresses from 609 to 894.
This uptick signifies more user engagement with the network, hinting at increased demand that could further support the ongoing price surge.
Elevated network activity often translates into higher transaction volumes, providing additional bullish momentum.
Liquidations and Market Dynamics
Analysis of Render’s market dynamics reveals pressure on both long and short traders, with short liquidations totaling $114.76K and long liquidations at $53.85K.
A higher number of short liquidations indicates mounting losses for traders betting against RNDR, potentially fueling further upward price movement.
Consequently, short-sellers might be compelled to cover their positions, contributing to the overall bullish sentiment.
Outcome: Potential for RNDR Reaching $14
Considering RNDR’s breakout, increased active addresses, and positive market sentiment, the outlook for the token appears favorable.
Nevertheless, challenges such as the RSI approaching overbought levels and the critical resistance at $10 may pose hurdles to its momentum. If RNDR successfully clears the $10 barrier, a push towards $14 could indeed be on the horizon.