RENDER Price Near Wedge Breakout As $12 Target Comes Into Focus

The native token of Render has also gained renewed interest in light of a possible wedge breakout pattern noticed by market observer Jonathan Carter on its 3-day chart. 

RENDER has actually been consolidated in a falling wedge pattern for a few months now, a pattern characterized by a series of lower highs and a steadily flattening base.

Normally, it shows a reduction in selling pressure as the market tries to find a level where it can consolidate or stabilize. In recent days, it has actually tested the upper edge of its falling wedge along with its 50-day Moving Average.

Source: X

This is the aftermath of the sharp rebound from the $1.50-$1.70 area that has proven to be such a robust demand region. Every retreat towards this support area has seen buyers stepping in, capping any possibility of a drop.

As the volatility contracted within the wedge shape, the anticipation for a more pronounced break built up. The recent hike towards the resistance area reveals that the buyers are gathering confidence.

Also Read: Render (RENDER) Set to Soar: Could Hit $7 Soon!

Falling Wedge Signals Growing Buyer Interest

The higher timeframe chart shows that RENDER/USDT has held within the boundaries of the wedged pattern. The recent rally towards the top trend line represents an escalating level of participation, with more robust candles.

Remaining on the right side of the 50-day moving average is a positive force behind the current revival since this average itself is a trend separator.

If RENDER can manage a firm above the wedge resistance, then the pattern would be deemed complete. Under this scenario, potential upside targets come into play at $3.40 and then at $4.20, then further out at approximately $5.30, $7.30, and finally at $12.00.

RENDER Weekly Indicators Urge Patience Despite Bounce

Taking a step back to view the chart of RENDER/USD on a weekly timeframe, things look more muted. RENDER is currently trading around $2.38 and is still sitting below its 20-week moving average of $2.44, which is now in a position of resistance.

Volatility has exhibited a significant expansion during the last sell-off, with the price briefly breaching the lower Bollinger Band to return to it later on. However, returning to the upper band at $4.08 would be required to show better dominance of buyers.

Source: Tradingview

Momentum indicators show the beginnings of stabilization, rather than conviction. The RSI has moved back to about 46 levels from the deeply oversold zone and remains well short of the middle line of 50. The MACD is still below the zero line. The Accumulation and Distribution line remains in the vicinity of -25.9 million.

Also Read: RENDER Surges 100% Off Lows – Can Bulls Break $3.24–$4.16 Zone?