As bitcoin continues to bounce higher, a lot of the altcoins are starting to follow suit. However, among the most bullish of them all has to be Render (RNDR). How far can this one go?
$RNDR breaks out
Source: Coingecko/TradingView
$RNDR has broken out of the triangle it had been in since early March of this year. Within this triangle was the huge push up to the new all-time high at $13.80, and then a downward and to the right correction of 54.5%. From this local bottom the price was gaining strength ready for that powerful breakout.
A support level at $9.74 has been retested in this recent surge, and it just remains for the $RNDR price to pierce through the resistance at around $10.60 where the price is now knocking at the door.
$RNDR bounce looks robust
Source: Coingecko/TradingView
The weekly time frame shows a clean and powerful chart for $RNDR. The very strong price levels at $7 and $8 provided great support for the price, the long wicks down bearing testament to this.
The current bounce is looking really robust, and once the resistance is broken at $10.60, a new all-time high could be on the cards, especially considering the cross up on the stochastic RSI, which should provide plenty of momentum.
Many altcoins have so far failed to deliver in this crypto bull market. $RNDR is certainly not one of these. 86% up over the last five weeks, even against $BTC, $RNDR is likely to continue to be one of the success stories of this bull market.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
