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RENDER: Is $22 Too Low A Target For RNDR?

RENDER: Is $22 Too Low A Target For RNDR?
RENDER: Is $22 Too Low A Target For RNDR?

Introduction

Render (RNDR) has recently experienced a remarkable 200% surge in price, leaving investors wondering whether the rally is sustainable or merely a corrective movement before a potential decline. In this in-depth analysis, we delve into RNDR’s current market position, potential future trajectories, and key technical indicators to provide a comprehensive outlook.

Recent Price Action and Potential Correction

While some speculate about a continuous moon race for RNDR, Cheeky Crypto’s JB suggests that the recent surge might be corrective rather than impulsive. Trading indicators indicate a bullish sentiment, with RNDR trading above EMAs and SMAs, but also hint at a potential pullback.

Technical Analysis and Target Levels

A break in structure observed on the charts suggests a possible correction and retesting of a high-volume area around $288 to $230. The 4-hour chart further supports this notion, indicating a potential move down to the fair value gap. Overall, JB leans towards a correction before RNDR’s next leg up.

Nested Structures and Short-Term Targets

On the 1-hour timeframe, nested structures and potential paths for RNDR’s price are discussed. In the short term, targets are set at $396, while broader analysis points to a larger corrective structure.

Daily and Higher Timeframe Analysis

The daily chart reveals areas of previous support turned resistance, with potential correction levels identified. Weekly and monthly charts suggest that RNDR may still possess some upside momentum, but caution is advised.

Reaccumulation Opportunities and Viewer Opinions

JB concludes by addressing potential reaccumulation opportunities and inviting viewer opinions on RNDR’s future targets.

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