With a new bull run in the crypto market, the AI tokens are back in action as Bitcoin crosses the $100,000 mark. RENDER has increased by 9.29% among the top-performing AI tokens, reaching a market price of $9.79.
As the AI token reaches a market cap of $5 billion, the broader market anticipates a bull run in RNDR price to cross the $13 barrier. Will this ongoing rally result in an extended bull run? Let’s find out.
Render Price Analysis
The 4-hour chart shows the RNDR price action showcasing a falling channel breakout rally, gaining momentum. After consolidating within the parallel range for most of November, the recent surge of 26% creates a gold candle, breaking the overhead resistance trendline.
Starting from the 50-day EMA, the bullish candle extended from $8.67 to a closing price of $10.93. Further, the RNDR price surpassing the $10 psychological mark marks the 24-hour high at $11.75.
However, the sudden pullback due to the overhead supply and the pullback in the broader market has led to a retest. With an 11.16% drop in the past 4 hours, a red candle retests the broken resistance trendline.
Currently, the RNDR price is at $9.70 and teases a post-retest reversal. However, the intensity of the red candle warns of a bullish failure.
With the bullish candle, the MACD and signal lines have regained positive alignment, suggesting a potential uptrend if the prices avoid a closing below the $10 psychological barrier.
Will RNDR Price Shoot Up Post-Retest?
Currently, the RNDR price is within two crucial boundary lines, with $9.30 acting as the nearest support and $11.65 as the immediate resistance. A breakout of either of the price levels will determine the upcoming price trend.
In case of a bullish return, around $13.27 and $15 psychological marks are the immediate price targets. In case of closing below the $9.30 support, the 50-day EMA and the 100-day EMA at $8.65 and $8.13 could provide reversal chances.
Read More: Render (RNDR) Price Prediction 2024, 2025-2030.
FAQs
If the price holds above $9.30 and sustains its bullish trend, RNDR has a strong chance of breaking past the $13 mark.
Render’s key support level is $9.30. A drop below this level could test the 50-day and 100-day EMAs around $8.65 and $8.13.
Render is trading at $9.70, currently testing a post-retest reversal after a pullback from recent highs.
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