Bittime -The crypto world is once again enlivened by increasingly strong Render (RNDR) price movements. In the last 24 hours alone, the price jumped by 8.5% and is now hovering around $10.8. This significant increase was supported by several factors, including a strong bullish signal and the technical pattern that is being formed by RNDR.
Render Towards Double Bottom Pattern Validation
Crypto analysts are observing the movement of RNDR which is forming a double bottom pattern. This pattern, which resembles the letter "W", is known as an indicator of a potential trend reversal, from a downward trend to an upward trend.
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Even more interesting, the current RNDR price is very close to the validation point of this pattern. This means that if RNDR manages to penetrate resistance at $11.2, confirmation of the double bottom pattern will be achieved. With this confirmation fulfilled, the potential for a price increase of 20% becomes more realistic.
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Increasingly Strong Investor Support
Apart from promising technical indicators, investor activity towards RNDR has also shown a significant increase. This can be seen from the spike in the number of RNDR daily active addresses. Increased investor participation and transactions in a crypto asset are generally an indicator of strong trust and support. In other words, the more investors who are interested and involved with RNDR, the greater the potential for price growth.
Pay Attention to Potential Price Corrections
However, in the midst of this positive trend, investors need to be alert to potential price corrections. A significant price increase can trigger profit taking, namely investors who have held RNDR for a long time will be encouraged to sell their assets to secure profits.
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In general, market tops are formed when around 95% of the supply of a crypto asset is in the profit zone. Currently, although almost 90% of RNDR supply is profitable, it has not yet reached the critical 95% mark. This indicates that RNDR still has room to grow.
Price Prediction and Threat of RNDR Correction
RNDR price prediction after breaking the $11.2 resistance relies heavily on bullish momentum. If this momentum continues, RNDR has the potential to shoot up to around $11.5 or even higher.
However, investors need to be aware of the potential for larger price corrections as RNDR gets closer to the market top. If investors flock to take profit after the price reaches $11.2, then the further price increase could stop.
Worst case scenario, if RNDR fails to reach the target of $11.2 and instead experiences a correction, then the price could fall back to $9.2. In other words, validation of the double bottom pattern will fail and RNDR is at risk of falling below $9.
Conclusion
Even though the predicted increase in RNDR prices looks promising, investors interested in this asset still need to be careful. Comprehensive technical and fundamental analysis will be the right provision for making wise investment decisions. Investors need to pay close attention to RNDR price movements after breaking through the $11.2 resistance and be aware of potential corrections that may occur.
How to Buy Render (RNDR) on Bittime
You can buy and sell Render (RNDR) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Render (RNDR) is available on Bittime with the market pair RNDR/IDR . To be able to buy RNDR IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Render (RNDR) on Bittime .
Monitor the price chart movements of Render (RNDR), Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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