This Chart Explains Why the RENDER Price Could Be Ready for a Rally to $13

A technical analysis of RENDER’s price action against USDT reveals compelling evidence for a potential surge to the $13 mark. Based on the chart posted by CyrilXBT on X, the cryptocurrency has established a clear breakout pattern from its previous consolidation zone between $6 and $8, accompanied by robust trading volume that validates the move’s strength.

The analyst notes that $13 represents a critical historical resistance level that has previously capped RENDER’s upward momentum. However, the recent market structure suggests this resistance might be tested again. The breakout from the previous trading range was particularly significant, showing strong buyer conviction through elevated volume metrics.

Currently trading around $8.5, RENDER’s price action is displaying a textbook retest of the breakout zone, which technical analysts often interpret as a bullish continuation signal. The breakdown of a dominant downward trendline preceding this rally adds further credence to the bullish narrative.

Read Also: Bitcoin (BTC) Price Risks Further Downside if This Key Support Fails: Top Analyst Sees $40K Next

Market participants should monitor the $6-8 support zone closely, as it represents a critical area for maintaining bullish momentum. A breach below this range would likely invalidate the upward trajectory. However, if the price successfully maintains support above this zone, the path toward $13 appears technically feasible.

The technical setup is bullish, but traders should remain mindful of external factors that could influence price action, including market sentiment shifts and macroeconomic developments.

Follow us on X (Twitter), CoinMarketCap and Binance Square for more daily crypto updates.
Get all our future calls by joining our FREE Telegram group.

We recommend eToro

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take 2 mins to learn more

Active user community and social features like news feeds, chats for specific coins available for trading.
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.