RENDER Halts Freefall with 16% Rebound — $4 Price Level in Sight

Key Takeaways

• RENDER’s price has rebounded 16%, pushing the price above $3 after a prolonged downtrend.
• On-chain data shows strong support at $2.70, where 408 addresses hold over 4 million tokens.
• A falling wedge pattern has formed on the daily chart, but the breakout has not been confirmed.
• Interested in buying or selling RENDER? Read our review of the best exchanges to buy and sell RENDER.

After months of relentless bleeding, RENDER’s price finally found its footing, with a sharp 16% increase. This sudden rebound comes amid a broader market recovery, hinting that the token’s correction may have hit a local bottom.

As of this writing, the bounce has driven RENDER above $3 and invalidated the bearish outlook it showed before.

But can the bulls hold the momentum? This CCN analysis looks at the possibility.

RENDER Flips the Script

Some days ago, RENDER’s price looked ready to drop below $2. Today, the AI-themed token’s value has jumped above $3.

While this gain may seem moderate, the In/Out of Money Around Price (IOMAP) showed that RENDER could be in line to hit a higher value.

The IOMAP is an on-chain metric that analyzes wallet addresses and their average purchase prices. It shows where holders bought their assets and whether those positions are currently in the money (profit) or out of the money (loss).

When many addresses purchase below the current price and are still in profit, they are less likely to sell. If the price drops, these clusters can act as support zones because holders may buy more to defend their positions.

On the other hand, when many addresses bought above the current price and are at a loss, they may sell as soon as they break even. This creates resistance zones as selling pressure increases around those levels.

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For RENDER, the major support lies around $2.70. At this price level, 408 addresses are holding over 4 million tokens. In contrast, the $3.02 to $3.47 range has fewer tokens held at a loss.

That means there is less selling pressure from holders trying to break even. As such, RENDER’s price could. Break above $3.47 with a buy wall positioned at $2.70.

RENDER Price Analysis: Higher Values Possible

From a technical point of view, the Money Flow Index (MFI) on the RENDER/USD daily chart has dropped to 18.21. This low MFI suggests that RENDER is deeply oversold.

Typically, readings above 80 mean an asset is overbought. On the other hand, those below 20 are oversold.

Therefore, the current position also suggests a potential price reversal, but only if volume and sentiment shift bullish. In line with this, CCN observed the formation of a falling wedge.

This pattern is a bullish reversal signal, indicating that the downtrend might be losing momentum and a breakout to the upside could be imminent. But this will only be the case if buying pressure increases.

To validate this outlook, RENDER’s price has to break above the upper trendline of the falling wedge. If validated, then the next move for the cryptocurrency might be a rally toward the 0.786 Fibonacci level near $4.53.

Should buying volume intensify in this region, the RENDER might climb toward $6. On the other hand, if the token fails to breach the upper trendline, it could slide below the lower lows.

In that case, this forecast might not pass, and RENDER’s price could drop to $2.54.