Render (RENDER) is currently trading after experiencing a major macro correction of nearly 90% from its previous all-time high near $13.83.
The price is now positioned within a high-timeframe bullish order block between $1.35 and $1.10, an area widely considered a long-term accumulation zone for larger market participants, as per the crypto analyst Crypto Patel.
Technically, the chart shows the price compressing within a multi-year descending channel while approaching a strong demand region.
The 0.786 Fibonacci retracement around $0.845 serves as a key support level. Some analysts anticipate a liquidity sweep below $1 before a potential reversal, allowing stronger hands to accumulate positions at lower prices.
Also Read: Render (RNDR) Bulls Push Toward $1.75 Amid Real-World GPU Growth
A strong bullish signal would be given if the price moves up to levels above $2.71, similar to a breakout from the channel.
Moving to these levels would signal the start of a new expansion phase, similar to that seen between 2022 and 2023, during which Render’s value rose by nearly 5,000%.
In the case where the trend continues to increase, the price targets cited include $2.70, $5.50, $13.00, and possibly even $28 or higher as the new market cycle progresses.
However, the argument for the price increase begins to weaken if the weekly closes continue to slide below $0.845, which could push the price towards an even stronger support range of $0.60 to $0.40.
According to the TradingView chart, the Relative Strength Index (RSI) currently stands at 61.52 with a signal line at 47.23.
The RSI currently stands above the mid-50s, a sign of rising bullish momentum. While the rising RSI indicates a rise in buying pressures, it remains below the overbought line of 70.
The MACD value is at a level closer to -0.00123, while the signal line is closer to -0.03131, and the histogram is at +0.03008.
This indicates that there is an increase in bullish momentum, and the MACD is moving up, indicating that there might be an increase in prices.
A $2.71 break above could be a sign that Render is ready to begin its next multi-year rally, which could provide opportunities for careful accumulation.
The strength of momentum indicators suggests that buyers are entering the market, making it a favorable time to consider positions that are trader-friendly.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Render (RENDER) Battles $1 Support With $5.50 Price Target
