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HomeCrypto NewsAnalysisRender Price Targets $10 as Channel Breakout Pushes Past $8

Render Price Targets $10 as Channel Breakout Pushes Past $8

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With a channel breakout, will Render (RNDR) continue its bullish streak and surpass the $10 milestone?

With a market cap of $4.19 billion, Render‘s price has reclaimed the $8 mark. It has increased by 21% over the last seven days and has reached a trading volume of $1.23 billion. 

As the Render token gains momentum, the bull run is preparing to reclaim the $10 psychological mark. Will the ongoing streak of bullish candles cross this psychological mark?

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Render Channel Breakout Run Hits $8

The Render (RNDR) price shows a trend reversal rally in the daily chart. This bullish reversal follows the breakout of a long-standing resistance trend line, marking a significant shift in price action.

Notably, this breakout signals the end of a falling channel pattern. The RNDR price reclaimed its bullish trend after a V-shaped reversal from the $4.21 mark.

Render Price Chart
Render Price Chart

Currently, it is trading at $8.08, accounting for a price surge of 96.16% over the last 16 days. The bullish recovery has surpassed the 38.20% Fibonacci level at $7.5625. 

Furthermore, with an intraday gain of 3.13%, Render makes the sixth consecutive bullish candle. The surge in the underlying bullish sentiments has resulted in a positive crossover between the 50-day and 100-day EMA lines. 

This has also increased the chances of a golden crossover. Meanwhile, the MACD and signal lines remain positive, resurfacing the bullish histogram. 

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Will Render Price Cross $10?

After the bullish trend reversal surpassed a four-month high, the underlying trend has clearly shifted. The uptrend will likely break through the immediate resistance at $8.62, the 50% Fibonacci level.

If the broader market recovers, the bulls could target the next price levels at $9.68 and $11.20. With the increasing bullish momentum and rising trading volume, Render’s price is poised to surpass the $10 psychological mark.

Conversely, crucial support levels are at $7.56 and $6.24.

DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

Author

Albert Brown
Albert Brownhttps://thecryptobasic.com/
Albert Brown is a cryptocurrency investor and journalist who has been in the nascent space since 2017. His love and passion for technological innovations made him delve deeper into the world of blockchain and cryptocurrencies. As a journalist, Brown has written on several crypto-related topics that have been referenced by popular industry players like Tyler Winklevoss, Binance CZ, etc.

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