2025-1-6 19:30 |
The crypto market has seen renewed activity, with RENDER’s price gaining 25% following a decisive bounce from a critical support level.
Sjuul, an analyst from AltCryptoGems, highlighted this development on X, emphasizing the importance of the $7 level. As bullish momentum builds, market participants are watching RENDER for potential further gains.
Key Support Level Drives RENDER Price ReboundThe $7 price level has proven to be a pivotal support zone for RENDER, as illustrated in the accompanying chart. Historical data shows that this level has acted as both resistance and support, indicating its reliability as a technical marker. Multiple price interactions with this level, marked by red circles, suggest strong buying interest.
After briefly testing the $7 support, the RENDER price experienced a sharp rebound. The price movement has generated a 25% increase, indicating evolving market dynamics. Based on technical analysis, the formation of higher highs and higher lows suggests an emergent upward trajectory.
RENDER Chart AnalysisThe chart highlights several technical features supporting a bullish outlook. A broader demand zone, shaded in gray, lies just below the $7 mark, reinforcing the area as a key accumulation zone. The chart also depicts a green arrow projecting further upward movement, suggesting optimism among traders.
Horizontal red lines identify major historical resistance and support levels, with the $7 level serving as a pivot point. The breakout above this level indicates that previous resistance has turned into new support, a hallmark of bullish price action.
Image Source: X/SjuulAltCryptoGems Analyst’s Perspective on RENDER’s RallySjuul stated, “And there you go, $7 level just perfectly held, and we started pumping from there. Already 25% up and this is probably just the beginning!” His commentary underscores the significance of the $7 support and the potential for continued price growth.
While the 25% rally has captured attention, market participants remain cautious. A sustained move above resistance levels will be necessary to confirm a longer-term trend. Conversely, any decline below $7 could invalidate the bullish scenario and lead to renewed selling pressure.
Moreover, RENDER’s price action suggests that it could be entering a phase of sustained bullish momentum. Traders and investors are monitoring the cryptocurrency for additional gains.
As RENDER continues to consolidate above $7, analysts emphasize the importance of maintaining momentum to support further upward movement.
Read Also: Worldcoin (WLD) Price Ready for Double-Digit Rally as Key Support Holds, But There’s a Catch
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The post RENDER Price Is Up 25%—Is This the Start of a Bigger Move? Analyst Weighs In appeared first on CaptainAltcoin.
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