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Render (RNDR), the native token of the Ethereum-based AI-driven decentralized rendering network, Render, is witnessing a dramatic bullish surge that has propelled its price past the $8 mark, with investors eagerly eyeing a potential breakout toward the $10 milestone.
After a long period of consolidation, Render has not only reclaimed the $8 level but has surged by over 96% in the past 16 days, setting a fresh five-month high and garnering the attention of traders and analysts alike.
Render’s bullish momentum
This breakout signals the end of a falling channel pattern that had dominated Render’s price action following the November 12 price surge.
The resumption of a bullish trajectory has been further confirmed by the token’s ability to surpass key technical levels, including the 38.20% Fibonacci retracement level at $7.422.
The price has not only reclaimed this critical level but has continued to rise, reflecting an 8.10% jump in just 24 hours and an impressive 21% gain over the past seven days.
Render’s price is now on a path toward breaking through the immediate resistance at $8.661, which coincides with the 50% Fibonacci retracement level.
If the market maintains its bullish sentiment, the next target could be the 2021 ATH at $8.76, followed by the 61.8% Fibonacci retracement level at $9.901.
The ongoing bullish candles, with Render (RNDR) recording its sixth consecutive bullish day, reflect increasing investor confidence, setting the stage for a potential retest of its all-time high.
However, if a bearish trend reversal were to occur, the token could fall back to its support levels at $7.56 or even lower, around $6.24.
Despite these potential risks, the current outlook remains overwhelmingly positive, and investors are keenly watching to see whether Render can break past the $10 mark.
Technical indicators support the bullish outlook. The 50-day and 200-day exponential moving averages (EMAs) are approaching a Golden Cross, a powerful bullish signal suggesting that buying pressure may continue to outweigh selling pressure.
Furthermore, the MACD indicator is displaying a steady rise in the bullish histogram, indicating sustained upward momentum in the price chart.
Source: TradingViewWhy is the Render price rising?
Render’s price surge can be attributed to several factors, including strong market momentum and the increasing adoption of decentralized rendering solutions powered by AI.
The token’s market capitalization has reached $4.19 billion, and its trading volume has surged to $1.23 billion.
This increased market activity has sparked optimism, as many analysts predict that the current bullish sentiment could push Render (RNDR) toward its next psychological resistance level at $10.
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