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Analyst Manish Chhetri recently made a bullish prediction about Render (RNDR) cryptocurrency. After testing weekly support at $7.01, RNDR price surged 9.5% last week to reach $7.66.

Despite a slight drop of 0.36% last Monday, the data indicates a potential for appreciation in the coming days. According to the analyst, on-chain data suggests a capitulation event on June 28, with a decrease in supply on exchanges, which could fuel an upward rally soon.

As Chhetri points out, the weekly support at $7.01 coincides with an ascending trendline that has been running since November 2023. He notes that if this support level holds and RNDR closes above $7.96, it could see a 34% rally to the next weekly resistance at $10.83.

Furthermore, he highlights that momentum indicators, such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO), also need to remain above their average levels to confirm the return of the bulls.

Render Analysis

The analyst’s prediction cites an analysis by IntoTheBlock, which revealed that around 3,410 addresses have accumulated 21.76 million RNDR tokens at an average price of $7.63. This has formed a crucial support zone between $7.48 and $7.70, which if broken could invalidate the uptrend.

“This support zone is key for possible reversals,” Chhetri pointed out.

Santiment’s On-Chain Realized Profit/Loss metric also indicates a favorable scenario, with investors moving their tokens into wallets and reducing selling activity.

Despite the bullish outlook, Chhetri warns that a weekly close below $7.01 could invalidate the bullish thesis. This would result in a 14% drop to test the Fibonacci retracement level at $6.05.

“Investors should keep an eye on the weekly closes to confirm the continuation of the uptrend,” Chhetri concluded.

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