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Analyst Predicts Potential Climb to $16

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Render (RNDR), the cloud-based rendering network, is stirring excitement in the crypto market with technical indicators and analyst predictions hinting at a substantial price surge in the coming weeks or months.

Render Breaks Free From Technical Chains

Technical analysis paints a bullish picture for RNDR. The token has recently broken out of a bullish technical pattern known as the Dragon Pattern, also referred to as the supply line. This breakout historically signifies a potential shift in momentum, with prices likely to trend upwards.

RNDR 24-hour price action. Source: Coingecko

Adding fuel to the fire, analysts are observing the formation of Three Rising Valleys on RNDR’s chart. This pattern suggests a potential market bottom has been established, indicating a reversal from previous downward trends.

Furthermore, a bullish divergence on the four-hour chart hints at weakening selling pressure. In simpler terms, sellers are struggling to push prices down, failing to break below previous lows.

DoJi, a prominent crypto analyst, sees these technical indicators as a recipe for a price surge. Based on his analysis of the Three Rising Valleys, DoJi has set a price target of around $13 for RNDR. He even goes as far as suggesting a price explosion beyond $20 if historical price movements repeat themselves.

According to DoJi, surpassing a key resistance level of $9.20 could be the catalyst that ignites this bullish momentum.

RNDR Up 250% In 6 Months – But Can It Break Resistance?

In the previous half-year, RNDR’s value rose by an astounding 250%. The pattern of impulsive and corrective moves in the price fluctuation points to a turbulent market.

Forecasting the price trajectory of RNDR in the future offers both cautious and optimistic options. There is expected to be resistance at $10.90 and a larger barrier at $13.30.

If the price drops, $6.18 or even lower, $3.79, may provide support. RNDR network adoption rate and general market trends could drive price fluctuations, but long-term indications like the 100-day average point to a possible stabilization around $8.92.

RNDR market cap currently at $3.1 billion. Chart: TradingView.com

Analyst Chimes In With Optimistic Predictions

Meanwhile, DoJi isn’t the only crypto expert bullish on RNDR. Inspector Crypto, another well-respected analyst, has identified a bullish Inverse Head and Shoulders Pattern on RNDR’s chart. This pattern typically precedes a price increase, and Inspector Crypto has projected a target range of $14-$16 for RNDR based on this pattern.

The combined optimism from DoJi and Inspector Crypto reflects a broader sentiment of anticipation surrounding RNDR. While the token has experienced a slight dip in price recently, many analysts are closely monitoring its performance, waiting for the upswing signal.

Featured image from Pexels, chart from TradingView

Disclaimer: The article is provided for Educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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