RENDER Trades Near $1.40: Will a Move Above $2.00 Signal a Reversal?
- RENDER trades near $1.40 as selling pressure persists despite rising market activity.
- The falling wedge pattern signals potential reversal if the breakout gains volume support.
- RSI nears oversold while MACD flattens, hinting at slowing downside momentum.
RENDER is currently trading at $1.40, which represents a decline of 6.88% in the last 24 hours. Although the price has fallen, the trading volume has grown by 56.63%, and currently it stands at $34.11 million. This growth implies greater involvement, despite weak prices. Over the last week, RENDER has fallen by 13.68%, which affirms the persistence of a short-term bearish position.
Source: CoinMarketCap
RENDER Forms Falling Wedge as Breakout Targets Emerge
Crypto analyst Jonathan Carter highlighted that RENDER is trading at the lower end of a falling wedge pattern. This structure is common in the event of slowing momentum when selling. A breakout out of the wedge that is confirmed by volume may be a sign of a turnaround in the trend.
Carter set a price target in case of a reversal. The initial level of upward movement is at a price of $2.00, which is a significant psychological resistance. Additional levels are at $3.40 and $5.30 in case bullish momentum continues to gain momentum. In the case of a prolonged recovery, elevated levels can be seen at $7.30 and $12.00.
Source: X
According to CoinLore data, to prevent falling to a greater downside risk, RENDER should not fall below the support zone of $0.6039. Any decisive action above the first major resistance of $1.74 may open the way to $2.16. The further resistance point is at 2.62, which might put an upper limit to the upward movements in the short term.
Also Read: XRP Near a Tipping Point as Trading Activity Drops 20%
RSI and MACD Signal Slowing Bearish Momentum
From a technical perspective, the Relative Strength Index is around 31.26, which implies that RENDER is close to oversold. The RSI average is approximately 37.98, and it shows that the bearish movement has not taken effect yet, but the selling power seems to be declining.
The MACD data confirms this perception of decelerating downside momentum. The MACD value is indirectly close to -0.133, and the signal line is at -0.131. The histogram is kept close to -0.001 with a small divergence. This compression is usually followed by a volatility break, though the direction is unclear.
Source: TradingView
Trading Volume Rises as Open Interest Declines
CoinGlass data shows that the trading volume grew by 76.58% to $60.42 million, and open interest has reduced by 6.95% to $32.62 million. The OI-weighted funding rate is 0.0007%, which indicates neutral sentiment and less leverage.
Source: CoinGlass
However, RENDER is currently trading at a risky juncture where weak price, increasing volume, and stagnating momentum signals converge. The following trading periods can define the next phase of either the continuation of the downward trend of the token or a larger recovery effort.
Also Read: Polygon (POL) Eyes $0.145 Breakout as Trading Volume Surges
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