Render price prediction: Why another 15% hike could be likely

Render has an optimistic short-term outlook
The boost in trading volume and keen buying pressure are likely to sustain the uptrend

As a seasoned crypto investor with a knack for spotting trends and interpreting market signals, I’ve seen my fair share of bull runs and bear markets. The recent surge in RENDER [RENDER] has piqued my interest, and I must admit, it looks promising.

Over the last several days, [RENDER] has been on an upward trajectory. It quickly broke through the $5.2 resistance level and the purchasers haven’t slowed down since. It seems another 15% rise could be imminent.

The token has been making headlines lately due to an increase in its trading activity, which followed a surge in its value.

Bullish signals everywhere

Render price prediction: Why another 15% hike could be likely

On a day-to-day basis, Render’s market trend shows a bullish pattern as it surpassed its recent lower peak at $5.128. Additionally, the daily RSI indicates robust bullish energy. It seems probable that the resistance at $7.136 will be challenged next.

The Capital Movement Factor (CMF) stood at 0.14, signifying a substantial influx of capital into the market, potentially setting the stage for an upward price trend. However, the range between $7.1 has historically functioned as a support area from March to July. On the 21st of July, this same zone was tested as a potential resistance point.

After that, the price started falling sharply, which might result in significant obstacles for the bulls near the $7.1 region.

The lower timeframe Render indicators were optimistic

Render price prediction: Why another 15% hike could be likely

In the past few days, the Open Interest has significantly increased because the price surged upwards. This suggests a strong bullish outlook and confidence among traders that the token will experience a substantial rise. Moreover, the funding rate showed a very optimistic trend, demonstrating that traders are keen to buy more (go long).

Read Render’s [RENDER] Price Prediction 2024-25

The bulls could be encouraged by the upward trend of CVD, as it wasn’t just speculators who were prepared to buy (go long), but also the market traders who anticipated continuous price growth.

On the larger-scale charts like the weekly ones, it appears that RENDER has been steadily trending downward. This suggests a potential revisit and slight drop to around $7.1 might occur before the bulls manage to take control again and maintain the level long term.

2024-08-26 20:07

Bullish signals everywhere

The lower timeframe Render indicators were optimistic

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