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RENDER on the Rise: Can This Altcoin Break Through $20?
As of January 7th, it has become increasingly clear that Render (RENDER) is on a trajectory to shatter previous records and potentially reach new heights. The recent price surge, combined with technical indicators and investor confidence, presents an overwhelmingly bullish argument in favor of this altcoin’s potential to break through the coveted $20 mark.
To begin, RENDER has successfully reclaimed key support at the critical level of $8.60, which is an unmistakable signal that the asset has shifted its momentum towards a rally. Furthermore, the Relative Strength Index (RSI) currently rests at 59, indicating robust bullish strength without being overly optimistic about the asset’s potential for appreciation.
The Bollinger Bands also indicate an imminent breakout, as their narrowing suggests that the market is poised to take off in one direction. As RENDER has been trending along the upper band, it appears to be using this signal as a springboard to continue its upward momentum.
But what truly validates this bullish argument are the on-chain statistics. The number of new and active addresses increased by 15.54% and 16.70%, respectively, illustrating that investors from all corners of the globe have begun to take notice of RENDER’s potential for growth. Furthermore, a 31.63% rise in zero-balance addresses may also signal that previously inactive wallets are re-entering the market.
In conclusion, RENDER is demonstrating an impressive array of fundamental and technical indicators that unequivocally justify a long position. Despite the inherent risks involved with any investment decision, it appears that this altcoin has what it takes to continue its surge towards $20.
Source: cryptotale.org
