Render Holds $3.38 as Analysts Target $7.50 Breakout: “Bullish Pennant” Forms

News, Trending

  • Render reclaims $3.38 support as volume surges and bullish trend gains steam.
  • Analysts spot breakout patterns with targets set near the $7.50 and $12 levels.
  • RNDR holds higher lows on multiple timeframes, signaling firm buyer control.

Render ($RNDR) recently bounced off a key support zone, sparking new interest from crypto market analysts. Technical indicators now suggest a bullish continuation, driven by reclaim patterns and increasing volume across different timeframes.

Technical Structure Signals Uptrend Potential

Render’s weekly timespan shows the price recovering above a long-standing wedge pattern. Market behavior has formed higher lows with support holding near $2.90. Buyers have stepped in at this level several times in the past year.

This trend gained attention following a sharp bounce above $4.00. According to a technical analysis by Bitcoinsensus, Render is currently trading within a descending wedge. He identified three confirmed bounces from the $2.50 to $3.00 demand zone since mid-2023.

Source: Bitcoinsensus

The analyst also pointed out that April’s rejection near $13 marked a key lower high. His chart now shows Render pushing toward the $5.00 resistance zone. This level previously acted as a reversal point, suggesting caution ahead.

He has provided additional insights on the projected move past $7.50. His chart outlines a breakout path forming a bullish pennant pattern. He sees the breakout leading to a retest of the $12.00 zone from early 2024.

He added that Render’s price structure continues to respect key technical trendlines. Price has reclaimed a horizontal mid-range level, confirming bullish control. He noted volume wicks below $3.00 signal strong buyer absorption.

AI Agent Analysis Supports Ongoing Rally

Another analysis offers additional insights into short-term price dynamics. Render has recorded a breakout on lower timeframes after receiving an AI-generated trading signal. The pattern formed supports a bullish sentiment, not showing any reversal yet.

Flagship FYI, referencing Agent Singularity’s alert, highlighted an early buy signal around $3.33. This call came before a breakout that lifted RENDER nearly 12%. He tracked the rise from the $3.38 level to a peak near $3.77.

Source: Flagship.FYI

The breakout turned previous resistance into support, creating a strong technical base. He observed volume increasing consistently throughout the rally. Candlestick structures still show higher lows and bullish continuation with no signs of reversal.

Flagship. FYI, noted the horizontal breakout level aligns with the AI call zone. He marked $3.38 as critical support for continued upside movement. Current trading levels remain above recent highs, with volume sustaining buying pressure.

This setup across both timeframes confirms a bullish trend. Render is now trading in a structure that favors further upside if current levels hold. Both analysts suggest continuation if key supports remain intact.

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