RENDER price makes a parabolic runup gaining over 40% in a single advancement. However it immediately came crashing down losing half of its gains. Will the uptrend continue?
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Key Takeaways
RNDR breached out from the corrective structure in a parabolic manner
Eyes on $10.81 and $12.75 are the next resistance levels.
RSI overbought, signaling that consolidation is likely, but bullish momentum remains strong.
Render Token (RENDER) has demonstrated strong bullish momentum, breaking out of a prolonged corrective structure and initiating a significant rally.
The price surged through critical resistance levels after forming a solid base near $4.26 in early November, reaching new highs.
Currently trading around $10.18, RENDER approaches key Fibonacci extension targets while experiencing overbought conditions, signaling potential short-term consolidation. However, the broader bullish trend remains intact, supported by key technical levels and a favorable market structure.
The daily chart for Render Token shows a significant breakout from a prolonged corrective structure, signaling the beginning of a strong bullish impulse.
Following a solid base formation near $4.26 on Nov. 4, the price surged sharply, breaching multiple resistance levels.
RENDERUSD spiked over 40% today | Credit: Nikola Lazic/TradingView
It formed an ascending channel around $8, indicating that the momentum slowed but was still bullish. This pattern concluded at a higher low of $8.40 today, Dec. 5, after which we saw an over 40% upward spike to a high of $11.62.
It is now trading around $10.18, approaching the key Fibonacci extension targets and losing around half its previous gains.
The daily Relative Strength Index (RSI) indicates overbought conditions, suggesting a potential cooling-off phase or consolidation after this extended rally. However, the broader bullish structure remains intact as the price targets higher Fibonacci levels while respecting key support zones during corrections.
Key Observations
Impulsive Breakout: RNDR broke out of its ascending structure, marking the start of a new bullish phase.
Fibonacci Extensions: The price reached the 1.618 extension at $9.56, with targets at $10.81 (2.0 Fib) and $12.84 (2.618 Fib).
RSI Overbought: Overbought conditions suggest the potential for short-term consolidation or retracement.
RENDER Price Prediction
The hourly chart highlights a continuation of its impulsive rally, pushing beyond the 1.618 Fibonacci extension at $9.47.
The price surged sharply, signaling the development of wave (v) within a larger wave (3) structure.
RENDERUSD one more high likely ahead | Credit: Nikola Lazic/TradingView
Further upward advancement could be seen to the next significant Fib level at $12.76, which could be the conclusion of the current rise.
This breakout reflects strong bullish momentum, but the parabolic nature of the move suggests potential overextension and the development of its wave (4) retracement.
Given the steep rally and signs of exhaustion in lower timeframes, a corrective phase is likely. However, the broader bullish trend remains intact, with the price targeting higher Fibonacci levels in the next impulsive move.
Key Levels to Watch
Support Levels:
$9.47 (1.618 Fibonacci): Immediate support is critical for maintaining the bullish structure.
$8.34 (1.272 Fibonacci): Strong secondary support if a deeper retracement occurs.
$7.45 (1.0 Fibonacci): Major support level aligning with prior breakout resistance.
Resistance Levels:
$10.73 (2.0 Fibonacci): Immediate resistance and target for wave (v) continuation.
$11.62 (2.272 Fibonacci): Key level for confirming further bullish momentum.
$12.75 (2.618 Fibonacci): Longer-term resistance and a potential extended wave (5) target.
Sustaining above $9.47 will confirm bullish sentiment and initiate further upside.
A break above $10.73 could propel RNDR toward the $12.75 region, while a drop below $8.34 might signal a prolonged wave (4) consolidation.
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.
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.
