Render’s price is currently close to confirming its rising trend model. Altcoin investors have higher confidence, which could continue the rise. However, RNDR is very close to seeing the market peak, and investors wanting to buy at this level continue to monitor the process. Due to increased participation among investors, altcoin gives a strong buy signal while Render’s price could see further rise.
Ongoing Interest in Render
On the Render front, both price and daily active addresses are currently rising, creating bullish conditions for the asset. The cryptocurrency tends to be ideal for accumulation, which supports price increases. If this result occurs for RNDR, the altcoin price could rise to $11 and beyond.
Although currently about 90% of the supply consists of profit, there is still room for growth in Render’s price. Generally, when about 95% of an asset’s supply becomes profitable, a market peak occurs. This market peak is followed by corrections, which cool down the market.
Thus, RNDR could continue its rise in the coming days, and during this time a bullish double bottom formation could be confirmed. However, after this, the altcoin will be vulnerable to corrections, making it an important level to watch.
What’s Happening on the Render Front?
Render’s price has recorded an 8.5% increase in the last 24 hours and is currently at $10.8. The cryptocurrency is close to confirming a double bottom formation, also known as the W model. The double top formation is a downward technical analysis formation characterized by two consecutive peaks at approximately the same level, and a potential trend reversal from an uptrend to a downtrend occurs when the price falls below the neckline support level.
RNDR not only surpassed the neckline but is also close to reaching the 20% rally target set by the model. When the altcoin passes the $11.2 resistance, the formation will be confirmed. If the rise continues thereafter, Render’s price could climb to $11.5 and above. However, if a market peak forms thereafter and investors start selling for profit, further rises could fail.
On the other hand, if RNDR fails to even reach the $11.2 target and corrects first due to potential selling, the altcoin will drop to $9.2. This development will invalidate the bullish thesis and leave Render vulnerable to a drop below $9.
