The Render Token (RNDR) has shown resilience and potential for growth, navigating between bullish and neutral trends.

Utilizing the Ichimoku Cloud and critical support/resistance levels, this analysis provides insights into RNDR’s price action on both daily and 4-hour timeframes and makes strategic recommendations for traders.

The Ichimoku Cloud has been a pivotal support level for RNDR. The price action indicates that the red Kumo cloud has provided support during dips, highlighting the importance of this indicator in trend analysis. Currently, Render maintains its position above the cloud, suggesting bullish momentum.

If the price of Render breaks below the red cloud, the Base Line (in Red) could act as a catalyst, potentially adding bearish momentum. A breakout below this line would likely lead to further downward movement.

In such a scenario, the price should find support either at the exit of the cloud or at the 100-day EMA (in Blue).

The Ichimoku Cloud, also known as Ichimoku Kinko Hyo, is a comprehensive technical analysis tool that defines support and resistance, identifies trend direction, gauges momentum, and provides trading signals.

Base Line: This is the midpoint of the highest high and the lowest low over the past 26 periods. It represents medium-term price movements and can indicate trend direction.

Read More: Render Token (RNDR): A Guide to What It Is and How It Works

The immediate resistance level is at $10.25. This level has acted as a pivot point, with the price struggling to break above it convincingly. The major resistance level is $11.30; breaking above this could lead to a significant price increase toward the high of $13.99.

The 4-hour chart provides a more granular view of RNDR’s price movements:

The price has consistently failed to break into the cloud from below in this timeframe. The most critical resistance level to monitor is the red Baseline. A breakout above this line could trigger market momentum, potentially pushing the price to $10.6 or even $11.

The 100-EMA fluctuates around $10.25, serving as a significant support level. A break above this level could quickly propel the price to the baseline, potentially triggering further upward momentum.

Key Resistance Levels: The immediate resistance level on the 4-hour chart is also at $10.25, aligning with the daily chart. This convergence across multiple timeframes highlights the importance of this resistance level.

Support Levels: The immediate support level on the 4-hour chart is $10.17, closely aligned with the EMA line. The major support level is $9.22, consistent with the daily chart, serving as crucial support in case of a downside move.

Monitor the Ichimoku Cloud: Pay close attention to the Ichimoku Cloud on both daily and 4-hour charts. Staying above the cloud indicates bullish momentum, while falling below it may signal a trend reversal.

Watch Key Resistance Levels: The resistance at $10.25 is crucial. A breakout above this level could lead to significant gains. For potential targets, watch the next resistance at $11.30.

Read More: Render Token (RNDR) Price Prediction 2024/2025/2030

Support Levels as Safety Nets: The support levels at $9.22 and $8.89 are critical. These levels should be monitored closely to prevent potential downside risks.

Consolidation Phase Signals: The flat Baseline and EMA lines suggest a consolidation phase. Traders should be cautious and look for clear breakout or breakdown signals before making significant moves.

The post Render (RNDR) Analysis: Navigating Bullish and Neutral Trends appeared first on BeInCrypto.

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