Render Holds Key Support After 29% Drop, Analyst Targets $12

Render (RENDER) is currently trading above a crucial support level following a substantial 29% decline from its recent highs. Amidst widespread market selling pressure, Render’s ability to maintain this technical level could set the stage for a significant price surge in the coming weeks.

As the broader market experiences turbulence, Render stands out for its resilience at this pivotal point. Analysts and traders are closely monitoring the situation, with one chart expert offering a bold prediction for the altcoin trajectory over the next few months. If the support level holds firm, the price could see an aggressive upward movement, making it a critical asset to watch for potential gains.

Render Looks Past $11 

As the market undergoes another correction since its highs in March, traders and investors are adjusting their positions for the upcoming months, with many optimistic about Render’s potential. Amidst this market volatility, it has captured significant attention due to its performance and potential for substantial returns. Top charting analyst Marco Polo recently shared on X an analysis that highlights Render’s recent bottoming out on August 5. Polo’s projection indicates that the price could reach $11.88 by the end of the year, which is a critical resistance level.

Polo’s analysis suggests that once Render starts its uptrend, the movement is expected to be both aggressive and rapid. This rapid ascent could present challenges for retail investors trying to enter the market early. The anticipated surge may create a situation where the price gains momentum quickly, making it difficult for those who are not already positioned to take advantage of the initial stages of the rally.

The current market dynamics, coupled with Polo’s bullish forecast, suggest that Render could be poised for significant gains if it continues to hold above its key support levels. Traders and investors are closely monitoring the price, positioning themselves in anticipation of a potential breakout. As it approaches crucial resistance levels, the market will focus on its ability to sustain its technical strength and capitalize on the anticipated uptrend.

Technical Levels To Watch 

Render is currently trading at $5.27, maintaining its position above the 4-hour 200 moving average (MA) of $5.10. This key technical indicator is crucial for assessing price strength, as it often signals support when respected.

After a brief dip below this moving average for a few hours, the price has since recovered and is now trading above it again. This recent price action suggests that a potential move toward higher prices could be on the horizon in the coming days.

Should the price fail to hold the 4-hour 200 MA as support, the next critical level to watch is around $4.63. This level would be the next point of testing if the current support fails, potentially indicating further downside.

Traders should closely monitor the price action around these levels, as holding above the 200 MA could signal continued bullish momentum, while a drop below could prompt a deeper correction.

Featured image from Shutterstock, chart from TradingView