Home / Analysis / Crypto / Technical Analysis / RENDER Poised for a Bullish Reversal: Key Levels and Wave Projections

RENDER Poised for a Bullish Reversal: Key Levels and Wave Projections

Published
Nikola Lazic
Published
By Nikola Lazic
Edited by Ryan James

Key Takeaways

  • Double bottom at key support zone
  • RSI rebound from oversold conditions
  • Potential wave (iii) rally brewing

Render (RNDR) has recently exhibited significant price movements, reflecting notable shifts in market dynamics.

As a long-lasting correction from March’s all-time high of $13.50 last year ends, there are signs of a potential reversal.

The price was 44% wick, indicating strong buyer presence at its recent low, but further confirmation is needed. 

RENDER Price Analysis

On the daily chart, RENDER appears to have completed a complex corrective structure labeled W-X-Y, with wave (Y) concluding near the $3.10 level, coinciding with the 0.786 Fibonacci retracement.

This zone has historically acted as a robust support, as evidenced by the bullish rebound. This was a quick spike, with the daily candle closing above $4,66, making a nearly 45% wick.

The previously oversold Relative Strength Index (RSI) shows a notable recovery, hinting at potential bullish momentum.

RENDER
RENDERUSD | Credit: Nikola Lazic/TradingView 

The descending channel structure observed post-wave (5) indicates that RENDER has been in a prolonged corrective phase.

The price recently tested the channel’s lower boundary, suggesting a potential trend reversal. The reaction from this support aligns with Elliott Wave principles, indicating that the price could be transitioning from a corrective phase into a new impulsive wave sequence.

Additionally, the Fibonacci retracement levels at 0.618 ($5.32) and 0.5 ($6.89) serve as critical resistance zones where price reactions may occur.

RENDER Price Prediction

On the 1-hour chart, RNDR shows early signs of a new impulsive structure. The rebound from the $3.10 support marked the completion of wave (i) and is now finishing its second sub-wave at a higher low of $4.50, with wave (iii) potentially underway.

The Fibonacci extension suggests a target for wave (iii) around $6.89, coinciding with the 0.5 retracement level from the higher timeframe.

RENDER
RENDERUSD | Credit: Nikola Lazic/TradingView 

Wave (i) established initial momentum, followed by a shallow corrective wave (ii), indicating strong bullish sentiment.

As wave (iii) develops, we can expect interim resistances at $5.21 (0.618 retracement) and $5.33, where minor corrections could occur.

The RSI is recovering from oversold conditions, supporting the likelihood of continued upward movement.

If wave (iii) maintains its momentum, RENDER could test the $6.89 level, with wave (v) potentially extending beyond $7.00, depending on market conditions.

However, if RENDER fails to sustain above $4.00, the bullish scenario may be invalidated, leading to a retest of the $3.10 support zone.

However, the strongest signs of a coming reversal will be a breakout above the descending channel above $7. 

Key Levels to Watch

  • Immediate Resistance: $5.21 (0.618 Fibonacci retracement).
  • Key Resistance: $6.89 (0.5 Fibonacci retracement, wave (iii) target).
  • Critical Resistance: $7.00+ (potential wave (v) extension).
  • Immediate Support: $4.00 (psychological support).
  • Critical Support: $3.10 (0.786 Fibonacci retracement, wave (Y) low).
  • Invalidation Zone: Below $3.10, signaling a potential bearish continuation.
Disclaimer: The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Was this Article helpful? Yes No

Nikola Lazic

Nikola Lazic is a cryptocurrency analyst and investor working in the industry since 2017. He holds a bachelor's degree in Sociology, which enables him to better understand the psychology behind the crowd´s positioning. Consequently his preferred analytical tool is Elliott Wave Theory in combination with price action analysis. Combining his experience in trading and investing with knowledge in content writing he strives to bring the most accurate and actionable information. Expertise: Cryptocurrencies, Technical analysis, Elliott Wave Theory, On-chain metrics, Research reports.
See more