– Render price is confronting a formidable supply barrier that continues to threaten its upside potential after a 165% climb.
– RNDR could drop 20% to the $2.825 support level amid selling pressure from this zone.
– The bearish thesis will be invalidated price the price breaks and closes above $3.725, flipping the zone to a bullish breaker.
Render (
RNDR) price is trading with a bullish bias, boasting a stark 165% climb beginning early September.However, this rally could be running out of steam as the peer-to-peer ( P2P) network of connected graphic processing units confronts a formidable supply barrier.
Also Read:
Render price could crash 30% as investors book $7.5 million in profits following AI crypto coin hype
Render price risks a 20% fall
Render (RNDR) price has been trading within a supply zone for almost three weeks now, beginning November 18.Based on technical indicators RNDR is massively overbought with the Relative Strength Index (RSI) at 74, hinting at a possible correction.
Meanwhile, the supply zone extending from $3.158 to $3.725 continues to impose overhead pressure on Render price.It could precipitate a 20% fall to the $2.825 support level.
Further south, the slump could extend lower for RNDR market value to hit $2.238, or worse, fall below the ascending trendline to bring the $1.317 swing low into focus.
RNDR/USDT 3-day chart
On the flip side, increased buying pressure could see
Render price overcome the supply zone to record a candlestick close above the $3.725 resistance level.
It is imperative that Render price breaks and closes above the upper boundary of the supply zone at $3.725 lest the 20% fall becomes imminent.
Such a move, where Render price overcomes the $3,725 roadblock, would see the supply zone flipped to a bullish breaker.
It would also mark the invalidation of the bearish thesis and set the tone for RNDR market value to hit the $4.150 resistance level.In a highly bullish case, the token could extend a neck higher towards the $4.607 range high, standing almost 30% above current levels, perhaps even pitching a santa rally.
Information on these pages contains forward-looking statements that involve risks and uncertainties.Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
You should do your own thorough research before making any investment decisions.
FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements.It also does not guarantee that this information is of a timely nature.Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress.All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned.The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations.The author makes no representations as to the accuracy, completeness, or suitability of this information.
FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use.Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Join Telegram
Follow us on Telegram
Stay updated of all the news
Recommended Content
Editors’ Picks
Charles Hoskinson and XRP community in loggerheads again, debate on Ethereum’s free pass resurfaces
Charles Hoskinson, the founder of Cardano, engaged in a debate with the XRP community over the rumors of ConsenSys founder, Joseph Lubin, bribing the US financial regulator.
More Cardano News
Bitcoin Weekly Forecast: Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin (BTC) price has slowed down its 2023 bull rally as it approaches the $37,000 level.After three weeks of consolidating around this level, BTC shows no directional bias whatsoever.
More Bitcoin News
Solana likely to extend gains as DeFi airdrop season could boost user base
Solana ecosystem is set to experience a surge in activity from decentralized finance (DeFi) projects that offer users airdrops in the following months, according to a report from crypto market intelligence company Messari.
More Solana News
LUNC ranks among trending tokens alongside Dollar pegged stablecoin USTC, eyes recovery
Terra Classic USD and Terra Luna Classic tokens are trending among market participants after overnight price gains.USTC rallied to $0.078 local top after its 2022 collapse, garnering hope among traders.
More Cryptocurrencies News
Analyzing potential $30k corrections ahead of BTC ETF approval
Bitcoin has slowed down its 2023 bull rally as it approaches the $37,000 level.
After three weeks of consolidating around this level, BTC shows no directional bias whatsoever.Some investors speculate this could be an upward-sloping accumulation that leads to a $40,000 rally.
Read full analysis.
