RENDER Holds Key Moving Average After 17% Drop — More Downside Possible

Key Takeaways

• RNDR is approaching resistance near $5.05
• A corrective ABC structure is likely unfolding
• Deeper support sits at $3.80 and $3.05

Render is consolidating around the $4.60–$4.70 region after a strong recovery from its March lows.

While the long-term structure shows a potential bottoming formation, the short-term Elliott Wave count suggests price may be in a corrective phase, before the next major impulse.

The current price action is nearing a decision point, and depending on the next move, both scenarios, bullish continuation and deeper retracement, remain viable.

RENDER Price Analysis

On the daily chart, Render completed a prolonged W-X-Y corrective structure since its all-time high of 13.56, bottoming near $2.48 in April.

Since then, it has formed a higher low and broken out of the descending wedge pattern, confirming a structural shift toward bullish momentum.

The upward move reached resistance at the 0.236 Fibonacci retracement level of $5.09, slightly surpassing it to $5.50 on May 11.

Price is now consolidating above the 50-day EMA, which is starting to curve upward, typically a constructive sign of bullish continuation.

The Relative Strength Index (RSI) sits in the neutral 50–55 range, indicating room for further upside before hitting overbought conditions.

However, the RSI made a lower low today, printing slightly bearish divergence, which hints at a possible downturn.

The structure hints at a completed five-wave move up from $2.48 to $5.50, likely marking a wave A or wave (1).

If this is a wave A, RENDER may start a corrective ABC phase toward $3.80 or even $3.20 before initiating another bullish wave.

The broader bullish thesis remains intact unless price closes below $3.00, which would reintroduce bearish pressure.

RENDER  Price Prediction

The 1-hour chart provides a zoomed-in view of the corrective scenario.

After completing wave (V) at $5.50, RENDER dropped in a five-wave move labeled wave (A), bottoming out at around $4.30.

Since then, a rebound has begun, potentially forming wave (B).

The projected target is near 0.618 or the recent descending channel before the next leg down in wave (C) unfolds, but this is still unconfirmed.

This wave (B) seems to be developing as an (a)-(b)-(c) zigzag on a lower degree count.

If this is true, the current price action is completing subwave (a) and possibly retracing to $4.45–$4.50 in wave (b), then rising to $5.05 to complete wave (c).

This would form a textbook flat or expanded flat correction length on the next upward move.

If the correction continues to develop, wave (C) could target the 1.0 or 1.618 Fibonacci extensions of wave (A), with confluence around $3.81 and $3.05.

These levels also align with major supports from prior structure and should be watched closely.

Considering that a 1 Fib extension brings the price into a zone between the 0.5 and 0.618 Fibonacci retracement of the previous uptrend, this is the most probable scenario.

Alternatively, a strong break above $5.20 with volume would invalidate the corrective scenario and signal that RENDER is continuing higher in a new impulsive wave.

RSI is approaching overbought again, adding weight to the possibility of a local top before a pullback.

Key Levels to Watch

• Resistance: $5.05, $5.20, $5.50.
• Support: $4.30, $3.81, $3.05.
• Invalidation (Bearish): Break below $3.00.
• Invalidation (Bullish): Break above $5.20 with volume.