Render (RNDR) Price Gearing for Double-Digit Spike, But These Key Resistance Levels May Shorten Rally

The price of Render (RNDR) is currently showing a mixed picture as it trades within a small ascending channel, with the top of the channel acting as resistance and the base providing support

The price of Render (CRYPTO: RNDR) showed a mixed picture on Monday, trading inside a small ascending channel, where the top acted as resistance and the base provided support since the beginning of August.

A closer look at the chart showed that Render’s price action formed a double-top, with the first top occurring around March and the second in May, which triggered a downward slope as expected until it found support at $3.5642.

Since then, the price had been moving up steadily, albeit slowly. The only support holding the price right now was the base of the ascending channel, and if this support fails, we could see a price drop of around 40% from its current level.

Potential Breakout Scenarios

On the other hand, if the price manages to break above the resistance at the top of the channel, we could see a rally back towards the last top. However, this seemed unlikely, considering that the double-top pattern signaled the beginning of a descending channel.

Therefore, we could expect the price to reach the blue trendline resistance and continue with a downward slope. Overall, Render’s chart did not look very attractive right now, and speculative traders would need to be more strategic in planning their trades.

Technical Indicators Show Mixed Pictures

The relative strength index was at 52, which was neutral, indicating that the price had a lot of room to move, whether bullish or bearish.

The 50-day simple moving average (SMA) was currently serving as support for the price, reinforcing the potential for a short-term upward movement. In contrast, the 200-day SMA could act as resistance against further price growth in the medium term.

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Summary and Outlook

In summary, Render appeared to be strongly bearish, but it was currently undergoing a corrective phase. We might see a 20% rally to the top of the micro bullish channel, and if that breaks out, we could see a move to the blue bearish trendline resistance.

From there, the price could face a major rejection and continue its bearish trend. However, a breakout from the blue trendline could signal the beginning of a significant rally.

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