A Sign of Bullish Trend for RNDR?

The Render price has been holding higher on grounds in the last week. The bulls successfully defended the $3.5 level due to which the crypto failed to dig lower and bottomed out near the $3.5.

Thereafter, the price made its way to reach closer to the recent swing high and is trying to hold at the upper levels. Now, if the buyers are able to sustain at the upper levels it may drag the sellers on the back foot and a more upside trajectory may be formed in the coming sessions. 

Despite closing strongly in the last week, the RNDR crypto could not resume it this week and has turned in red on the first session of this week. However, the buyers might make a comeback near the 20-day EMA in the later sessions and maintain the price near the highs. 

At the time of writing, the RNDR crypto was at $4.51 with a swift intraday loss of 2.51%. It has a market capitalization of $1.694 Billion and ranks 46th among all cryptos. The volume to market cap ratio is 7.99%, suggesting mild volatility. 

Render Trend Analysis

The long-term trend demonstrates a positive outlook since October 2023. The Render price reversed its course after the breakout of above the 200-day EMA, above the $1.5 level. Thereafter, the price kept on rising higher and formed several higher lows. 

The 50-day and 20-day EMAs acted as dynamic support for the RNDR crypto and helped it to gain higher levels. The price attained a high of $5.2 in December end rising from a low of $1.5 in October 2023.

Thereafter, the render crypto faced a selloff and got countered by the buyers near the $3.5 level. It again turned bullish in the short term. Currently, the bulls are holding at the higher levels, which has dragged the sellers into the defensive mode. 

Fresh upside moves might be observed if the crypto breaks above the recent swing high of the $5 level. 

At the time of writing, the RSI was at 56.39 points and the 14-day SMA line was at 53.36. Both the RSI and 14-day SMA line are placed above the median line, indicating slight bullishness in the short-term trend.

Render Price Prediction for February 2024

The positive view of analysts predicts an upside potential of over 16.47% by February end, which could take the Render price above the $5.25 mark. On the other hand, the bearish view of analysts predicts that the price could drop near the $3.75 level.

Render Price Prediction for 2024

The price prediction for 2024 shows that the Render may advance to a high of $7.66 by the end of 2024. The less optimistic analysts estimate a price target of $6.14 by the end of the year.

Render Price Prediction for 2025

As per the most positive view of our analysts, the price may hit the $10.27 mark, suggesting an upside potential of 124.92% by 2025. The pessimistic view is that the price could reach $7.65 by the end of the financial year 2025.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.