Render (RENDER) has become a focus of attention for market participants amid unusual price action recently. Its lack of movement is noticeable lately.
As per data reported today by Ali Martinez, the market analyst has analyzed Render’s recent price action, disclosing a significant development. After looking at the asset’s price performance, the analyst noted that the token is trending in a narrow range.
Sideways Movement Persists For Render
Over the past days, Render’s price has been moving within a key range that is likely to determine its next movement in the short term.
According to Ali, RENDER has been fluctuating in a sideways range, trading between a significant support level of $2.70 and a crucial resistance level of $5.50 in recent days.
With these support and resistance levels influencing Render’s next move, this period of sideways movement may pave the way for a notable breakout in either direction.
A breakout on the upturn could place Render on the right track to reclaim an uptrend trajectory. On the other hand, a breakdown may bring a downward momentum below the $2.70 support level into focus.
Which Way for RENDER?
Render is currently hovering at $4.27, continuing its consolidation phase. This represents a small gain of 1.2% over the past 24 hours and another slight increase of 0.9% over the past seven days.
Despite volatility in the wider crypto environment, Render’s tight range of between $2.70 and $5.50 recently highlights the ongoing correction in the market.
Render’s RSI is currently standing at 64.83, indicating the asset is in a neutral zone, neither overbought nor oversold. The asset appears to be gaining strength as it is displaying some rising momentum.
Market analyst, popularly known as ZAYK Charts, confirmed (on Friday, July 25) that Render broke out above a long-term descending trendline, which had restrained it for some time. The breakout above this trendline functions as a bullish confirmation, suggesting a potential beginning of an uptrend momentum.
According to the analyst, this significant chart pattern signals the asset could push its price upswing, up to 71%, from its current value of $4.27 to a target of $7. This indicates strong momentum with potential trading opportunities.
