Amid ongoing macro uncertainty, Render (RENDER), an AI crypto token, is grabbing attention as the altcoin manoeuvres through significant resistance levels. Popular crypto analyst AMCrypto Alex believes that a successful move above the $4 resistance level may catalyze its potential for a major uptrend momentum.
RENDER targeting key resistance level
Today, RENDER increased by 3.1% from yesterday, placing its value at $3.4. In a post shared on X, AMCrypto Alex pointed out that surpassing the $4 threshold will be a key to Render’s success. A breakout above this region may prompt a massive bull run.
Technical indicators show optimistic results, hinting that the asset could be preparing for a market rally. Render’s daily timeframe currently forms a bullish pattern commonly recognized as the cup and handle pattern. This traditional bullish reversal indicator often shows the end of a downward momentum and the start of a possible bullish trend.
Looking at RENDER’s daily chart, this pattern has a neckline set up at around $4, which is a crucial resistance level for the altcoin. The asset completed the ‘cup,’ a U-formed setup, a phase of consolidation marked by price drops. The asset is currently in the formation of the handle, with its price currently trading at $3.4, indicating that a move above the neckline at $4 could be coming.
With the current price, the token only needs an 8.5% increase to reach $4. This could happen within a few days based on the fact that the asset recorded a 20% rise over the past week.
Catalysts bolstering RENDER price surge
Key factors appear to contribute to Render’s market rally. The daily price chart shows that the altcoin is already in an uptrend and, therefore, is likely to sustain the rally. Its price has been up 20.0%, 5.9%, and 29.2% over the past week, two weeks ago, and one month ago, respectively.
These green figures suggest that Render is attracting significant user attention. As per metrics from Coinglass, RENDER’s Open Interest (IO) surged by 2.73% from yesterday.
This surge in IO signifies that investors are increasingly creating new positions in the Render market, suggesting accumulation by long-term buyers. This rise in demand could further support the price uptrend movement and serve as an impetus for the asset’s rally.
