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In a market with divergent projections, the Render token warms up to analysts and crypto believers. At a present value of $4.80, cryptocurrency researcher Crypto Patel has predicted Render is going to skyrocket over 990% to as high as $50. This could happen despite the token having plunged 75% from its peak.
Conversely, Crypto Alex found Render charts contained a bullish inverse head-and-shoulders pattern that could trigger a significant rally once sellers lose momentum. With these two diverging views, Render is at a junction, making its future interesting.
Key Support And Buy Zones
Moreover, the analysis is not based entirely on Patel’s optimistic price target. He has been able to identify crucial buying zones for the investors. The entry point, according to him, near $4-$3.5 and $2-$1.7, may turn out to be a prospective upsurge of the token.
RNDR/USDT Bullish Analysis Toward $50 🚀$RNDR has taken a hit, dropping 75% from its recent peak, but it’s now trading around $4.58 and has made a strong recovery from the $3 support level.
Key Buying Zones:
Entry 1: $4 – $3.5
Entry 2: $2 – $1.7
Target: $50
If RNDR can hold… pic.twitter.com/ytL5mul0U0
— Crypto Patel (@CryptoPatel) August 13, 2024
However, Patel said that more emphasis is given to the $3 support level. If the token is able to stay above this barrier, then that would indicate a strong uptrend. If below, then optimal purchasing zones may need to be $4.
Render: Bearish Signs
RNDR has its downsides. A closer look at technical indications suggests caution. The 1-Day chart suggests ongoing bearishness. The Keltner Channels indicator shows Render’s price below the middle line foreshadowing negative momentum. The price commonly touches or hangs near the bottom band that indicates strong selling pressure.
Now, a low reading of 34.16 RSI, below the neutral 50, is actually a point of concern. With an RSI below 30, bearish momentum can continue, although oversold conditions could finally lead to a rebound. Chaikin Money Flow comes in at -0.05, indicating only a slight capital outflow. This means that, even while sellers have a very slight advantage, the situation is not radically extreme.
Bullish Pattern
Render charts spell out a bullish inverse head-and-shoulders pattern, according to Crypto Alex. A trend change might be happening here due to the pattern that started in early August. The left shoulder, the head as the low, and then the right shoulder all form the inverse head and shoulders, all higher compared to the head.
$RENDER bottom is in 🚨
A breakout above $5.2 and RENDER will moon 🚀 pic.twitter.com/ERdQ0SP6Z9
— AMCrypto (@AMCryptoAlex) August 10, 2024
The neckline of this pattern comes in just below $5.2 and is important. A clear break above this resistance level could see prices higher. Render has rebuffed this level previously, but higher lows suggest buying pressure. The token breaking the $5.2 resistance might see it rise further and hit Patel’s lofty target.
Render Token finds itself at a crossroads with differing forecasts from analysts. Crypto Patel sees a parabolic move up to $50 despite recent drops, outlining key buying zones and the need to hold above $3. Crypto Alex, on his end, has pointed to what could be a bullish inverse head-and-shoulders pattern.
To that regard, he noted that if RNDR broke above $5.2, a huge rise could be witnessed. Both analysts have put forward very interesting but contrasting views; therefore, RNDR’s next move will be important to watch.
Featured image from Phys.org, chart from TradingView
