RENDER technical analysis: Will it break $6.70 resistance soon?

Market context

RNDR has been a standout performer throughout this cycle. From the lows set in January 2023 to the highs this year, the asset has done over 4,500%, which is incredibly impressive within a single year. This kind of price action naturally keeps RNDR on people's radar, and many holders likely remain bullish.

Disclaimer: This is not financial or investment advice. You are responsible for any capital-related decisions you make, and only you are accountable for the results.

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Initially, RNDR held support there, but after negative price action over the last few months, that level was broken. Since then, we've seen price action test $6.70 twice following the recent positive momentum. A breakout above $6.70 and a reclaim of that level would show some nice strength and suggest a shift back to a bullish outlook on the higher timeframe. If this happens, targeting the all-time highs around $13.40 becomes a reasonable scenario.

Now, looking at the daily timeframe, the key level to focus on is $5.00. This level acted as a significant resistance point in both December and February before flipping into support during RNDR's 167% move to the upside that began in mid-February. We've seen the price come down and use $5.00 as support again recently, further reinforcing this level as an accumulation zone. The current range between $5.00 and $6.70 is crucial.

Price action within this range will determine the next major move for RNDR. The daily timeframe also highlights the importance of the recent support test at $5.00, showing how it continues to hold strong. Historically, RNDR has performed well after breaking out of such key levels, and a sustained bounce from $5.00 could lead to a retest of $6.70 and potentially higher targets.

Playbook

Key levels:

• Support: $5.00
• Resistance: $6.70
• Long-term resistance: $13.40

Trading setup

The current trading range is between $5.00 (support) and $6.70 (resistance). The $5.00 level has proven to be significant historically and recently, as it was the key support level for the 167% move earlier in the year. Based on the current structure, accumulating around $5.00 for a spot play offers a solid risk-to-reward setup. If RNDR breaks above $6.70, the potential for continuation toward all-time highs at $13.40 opens up.

Risk management

This setup is best suited for spot accumulation. While the $5.00 support level remains strong, it's crucial to monitor how the price behaves if it breaks below this range. A break of $6.70 would provide confirmation for further upside, while a breakdown below $5.00 would signal the need to reassess the setup.

Market sentiment

RNDR has displayed strong performance across the cycle, especially considering its early move and profit-taking phase. Although it's not in our portfolio, its ability to hold structure and react well to key levels makes it worth watching. Profit-taking has had an impact, but the asset continues to show resilience.

Cryptonary's take

RNDR remains one of the better performers in the market, and while we're not currently positioned in it, the potential is clear. The range between $5.00 and $6.70 is the key zone to watch. A break above $6.70 would open the door to significant upside potential toward $13.40. For now, accumulation at $5.00 offers a solid strategy for a spot play, but we'll continue monitoring how this level holds up.