Top crypto analyst World Of Charts predicts RENDER could mirror Raydium’s (RAY) price movement following its breakthrough of key resistance levels. The analyst points to RAY’s 190% surge after a similar breakout pattern, suggesting RENDER might follow suit with a potential rally.
Technical Breakout Signals Bullish Momentum
RENDER has broken through a long-term downward trendline on the 3-day chart, marking a pivot in market sentiment.
The token pushed past a major horizontal resistance zone between $6.50 and $8.50, transforming this area into new support. The price action demonstrates strong buying pressure after months of consolidation below the $8.50 mark.
A falling wedge pattern breakout earlier in 2023 set the stage for RENDER’s current upward trajectory. The token trades around $8.65, maintaining bullish momentum as it approaches double-digit territory.
RAY’s Success Blueprint Sets Precedent
World Of Charts shared insights about RAY’s performance, noting a 190% gain since its technical breakout. The analyst’s trading strategy focuses on projects with strong fundamentals combined with clear technical setups during trending markets.
RAY’s price action serves as a blueprint for RENDER’s potential trajectory.
Read also: Why Is Algorand (ALGO) Price Up?
Price Target and Support Levels
Chart analysis places RENDER’s next major target at $20, representing a possible 242% move from the breakout zone.
The previous resistance band between $6.50 and $8.50 has flipped to become a support zone. Round numbers at $10 and $15 may act as psychological price levels before reaching the projected target.
The analyst’s technical examination reveals multiple confirmatory signals supporting the bullish outlook. These include the successful breach of the downtrend line, consolidation period completion, and validated breakout above key resistance levels.
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