Render Gears for the Bull Run – Can RNDR Climb to $12.05?
- RNDR surged 5.23%, breaking resistance and ending a prolonged downtrend.
- Technical indicators and trading volumes signal strong bullish momentum toward $12.05.
- Active addresses dropped, but market sentiment and open interest remain positive.
As of writing, Render (RNDR) has climbed 5.23% in the past 24 hours, reaching $7.08. This rise confirmed a breakout from resistance levels and renewed optimism among traders. A potential target of $12.05 represents a 70% upside. But can RNDR maintain momentum, or is caution needed?
Breakout Fuels Hopes for $12.05
RNDR’s prolonged downtrend came to an end after breaking out of a descending channel . This structure had limited price growth for months. Strong support near $4.00 provided a launchpad for buyers to regain control. The token surpassed $6.67, a critical resistance level.
This move confirmed a bullish retracement and opened the door to higher levels. Trading volumes spiked during the rally, signaling growing market interest. The next challenge lies at $12.05, a zone where sellers have historically gained strength.
While momentum looks promising , the path forward is not without risks. The $12.05 resistance may test traders’ resolve, requiring sustained buying pressure to overcome.
Technical Indicators and Sentiment Align for Gains
Technical indicators add weight to the bullish outlook. A crossover between the 9-day and 21-day moving averages suggests upward momentum. The relative strength index currently sits at 68.54, reflecting strong demand but nearing overbought territory.
On-chain metrics reveal mixed signals. Daily active addresses dropped from 703 to 209, raising concerns about user engagement. However, a fall in activity often aligns with price consolidation rather than a reversal.
Market sentiment remains upbeat. Open interest rose 9.79%, reaching $121.79 million, as more traders positioned for future gains. The combination of rising sentiment, technical strength, and trading volumes supports the case for further growth.
RNDR’s breakout beyond $6.67 has energized the market. The alignment of key metrics and trader optimism points toward continued momentum. Reaching $12.05 could solidify RNDR as a standout performer in the crypto space.
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