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RENDER’s price eyes 40% rally – Here’s what must happen first!
Render (RENDER) is on the cusp of a notable upside rally as it approaches a bullish breakout. According to recent on-chain metrics and technical analysis, the asset may be poised for a significant surge, potentially reaching a 40% increase.
The positive outlook in the larger cryptocurrency market sentiment could also fuel this growth, with top assets such as Bitcoin (BTC), Ethereum (ETH), and XRP maintaining a strong fundamental position. In fact, long-term holders and traders have shown remarkable interest and confidence in RENDER, indicating a strong possibility of an upward trajectory.
On-chain data reveals that exchanges worldwide recorded significant outflows of $3.69 million worth of RENDER, which is often seen as a sign of potential upside momentum and an ideal buying opportunity. Furthermore, the Open Interest surged by 10% in the last 24 hours, highlighting an increase in trader interest and the formation of new positions.
A crucial point to watch for in the short term is if the price manages to close above the descending trendline, a critical horizontal level, and the 200 Exponential Moving Average (EMA) on the four-hour timeframe. A successful breakout through these hurdles could propel RENDER towards an initial climb of approximately 15% to reach the next resistance level at $8.10.
This would not be limited to just that level, as there is potential for a massive increase to hit the $11.65-level in the future. The Relative Strength Index (RSI) reading of 50.5 at press time suggests that RENDER remains below the overbought zone, indicating that it still has significant room for growth.
Taking all of these on-chain metrics and technical analysis into consideration, it appears as though bulls have been dominating the asset’s price action, which could potentially provide support as it works to overcome its current hurdles.
Source: ambcrypto.com
