Render Gears for the Bull Run – Can RNDR Climb to $12.05?

News, Trending

  • RNDR surged 5.23%, breaking resistance and ending a prolonged downtrend.
  • Technical indicators and trading volumes signal strong bullish momentum toward $12.05.
  • Active addresses dropped, but market sentiment and open interest remain positive.

As of writing, Render (RNDR) has climbed 5.23% in the past 24 hours, reaching $7.08. This rise confirmed a breakout from resistance levels and renewed optimism among traders. A potential target of $12.05 represents a 70% upside. But can RNDR maintain momentum, or is caution needed?

https://twitter.com/CryptoinfosTA/status/1857854312325812534?t=8LU1GaayBPNvjPnF4ePynA&s=19

Breakout Fuels Hopes for $12.05

RNDR’s prolonged downtrend came to an end after breaking out of a descending channel. This structure had limited price growth for months. Strong support near $4.00 provided a launchpad for buyers to regain control. The token surpassed $6.67, a critical resistance level.

This move confirmed a bullish retracement and opened the door to higher levels. Trading volumes spiked during the rally, signaling growing market interest. The next challenge lies at $12.05, a zone where sellers have historically gained strength.

While momentum looks promising, the path forward is not without risks. The $12.05 resistance may test traders’ resolve, requiring sustained buying pressure to overcome.

Technical Indicators and Sentiment Align for Gains

Technical indicators add weight to the bullish outlook. A crossover between the 9-day and 21-day moving averages suggests upward momentum. The relative strength index currently sits at 68.54, reflecting strong demand but nearing overbought territory.

On-chain metrics reveal mixed signals. Daily active addresses dropped from 703 to 209, raising concerns about user engagement. However, a fall in activity often aligns with price consolidation rather than a reversal.

Market sentiment remains upbeat. Open interest rose 9.79%, reaching $121.79 million, as more traders positioned for future gains. The combination of rising sentiment, technical strength, and trading volumes supports the case for further growth.

RNDR’s breakout beyond $6.67 has energized the market. The alignment of key metrics and trader optimism points toward continued momentum. Reaching $12.05 could solidify RNDR as a standout performer in the crypto space.

The post Render Gears for the Bull Run – Can RNDR Climb to $12.05? appeared first on Crypto News Land.

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