Render‘s price has surged by approximately 45% since the beginning of September, standing out as a cryptocurrency defying the stagnant or declining trend prevalent in the market.
After experiencing a minor 10% dip from October 7 to 10, it quickly rebounded, with a 7.6% recovery within the past 24 hours. As of now, it’s trading at $1.82.
The RNDR token reached its all-time high at $8.85 on November 19, 2021, marking the beginning of a bearish cycle. Initially, it experienced a gradual decline, but on March 31, 2022, it gained momentum. The price then plummeted sharply to $0.26 on June 18, 2022, reaching its lowest point during this bear market.
Following this, the price entered a period of sideways consolidation, finding support at approximately $0.40 and resistance at around $0.77. In the new year, it once again interacted with its horizontal support, resulting in a notable upswing.
On May 22, it reached a yearly high of nearly $3, followed by a retracement to $1.25 on August 17. Importantly, this represented a higher low compared to March 9, following the initial pullback, affirming the overall uptrend.
Starting from August 17, a fresh uptrend emerged, propelling the price to its current level of around $1.82. A closer examination of the daily chart reveals the formation of a symmetrical triangle, suggesting a balance of pressure from both sides.
With the price nearing its resistance level once more, the question arises: Will there be a rejection or a breakout to the upside?
Taking a closer look at the hourly chart and delving into the wave structure of the uptrend since August 17, it appears to have either completed or be on the verge of completion. A five-wave impulse pattern has emerged, along with an ascending wedge pattern from October 4, signaling a potential conclusion to this pattern.
We might witness a slight uptick, but it’s unlikely to result in a higher high, serving primarily as the final retest of the resistance zone above $1.90, where the previous peak was. At this juncture, a downturn appears more probable, potentially retracing the price to $1.46, aligning with the ascending support level from the symmetrical triangle.
There’s a strong possibility that this could represent a corrective dip before a breakout to the upside from the triangle. However, given the symmetrical nature of the triangle, there’s an equal likelihood of a breakout in either direction.
Despite RNDR’s price experiencing a strong uptrend, bringing it close to $3 on May 26, it has now begun to exhibit signs of a corrective triangle pattern. This suggests the potential for further upward movement in the longer term, but in the short term, a downturn appears more probable.
Consequently, according to our primary analytical perspective, it’s unlikely that the $2 threshold will be reached in the current surge. However, in the event of an upward breakout in the near future, the price could potentially surpass $2 and even approach the $3 mark.
Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.