Recently, Render Crypto Token (RNDR) has shown a prominent rise throughout the digital currency market. Within 24 hours, the token’s price exploded 9.75% higher. This had investors and spectators interested and hopeful of more token growth in the future.
The surge is part of a broader trend occurring in the cryptocurrency industry. This is because blockchain applications sweating new blood in the markets.
According to analysts, Render crypto has now broken through a key resistance level that was previously around $7.843. This is a big development as it establishes a new bullish precedent for the token. The experts have now forecasted the token to reach $15.33847725.
If we test this out, it would be a huge 70.2% increase from where it’s positioned currently. This touts a strong trajectory into the future for RNDR.
Render Crypto Finally Breaches Past Previous Resistance
The analyst noted a while ago that Render Token (RNDR) was showing a lot of bullish momentum towards a critical zone around $7.843. The token has received a strong push towards this key level, signaling a potential breakthrough, said the analyst.
That’s a sign of strong bullish patterns to the expert. The expert said that this fit with the then-market observation that Render may be equipping itself for a large price spike.
He adds that optimistic technical analyses as well as increased confidence from investors in the underlying blockchain rendering solutions fueled things even further.
Render Breaks Past Resistance
Render then had a fast ascent, and analysts have reviewed all of the price movements and the factors, which fuelled Render.
It has notably taken out a crucial resistance level previously at $7.843. The significance of this breakthrough is this is a new bullish precedent for the token, with experts now looking to the token to hit $15.33847725.
This would be a huge 70.2% jump from where RNDR already stands and is a great future outlook for the token.
The Render crypto charts show a clear breakout above a consolidation zone (red) and the price moves higher to $8.79. The consolidation pattern indicates the asset gaining strength and the breakout indicates further bullish momentum.
On the flip side, MFI (Money Flow Index) stands at 99.14, which is an overbought condition. This means what we have lately seen of the upward move has been fueled by more buying than selling.
However, a possibly overbought condition may be signaling a possible short-term pullback. However, strong momentum may push this further uphill before any correction.
Immediate support is at the breakout zone near $8.20. The next resistance might come in at $9.00 on the psychological level followed by $10.00.
Just on the daily chart, RNDR had a reversal from a long-term downtrend where it’s making higher highs and higher lows. It is a strong bullish sign.
The uptrend is further confirmed by the breakout above the previous resistance near $8.20. Initial targets are $11.38 (1.618 Fibonacci extension), and $12.88 (2.618 Fibonacci extension).
These are realistic targets for Render crypto, following current momentum, and these levels coincide with bullish continuation patterns. Following the breakout, volume is increasing in the lower portion of the chart, which confirms the validity of the breakout, and helps to reduce the risk of a false move.