Is RNDR About to Explode? December Price Prediction Targets $3

Is RNDR About to Explode? December Price Prediction Targets $3

The 81st largest cryptocurrency, Render, is making adjustments to its trading environment as it steadily pushes through selling pressures. RNDR, the native token of the Render cryptocurrency, is displaying a positive trend today, with an 9.6% increase, while the leading cryptocurrency, Bitcoin (BTC), is trading in the $26,100 range.

As of the latest update, the RNDR token is priced at $1.55, marking a 5.6% gain for the day. The market capitalization has also seen an uptick in response to the recent rebound and now stands at $573.2 million.

Market Sentiment Grows Optimistic as RNDR Prepares for a Rebound

Source: Tradingview 

On the monthly time frame, RNDR has shown a notable 13.5% increase this month, and this recovery is occurring just above the 0.618 level of Fibonacci retracement. However, based on the Harmonic pattern analysis, it is anticipated that the RNDR price will need to retest the 0.756 level of inverse Fibonacci retracement, which is in the range of approximately $0.93 to $1.0, in order to experience a robust bounce-back.

According to the Harmonic chart, the initial target is set at the $3.0 level, as indicated in the chart, which we anticipate may materialize in the coming months. Furthermore, buyers could potentially witness a retest of the all-time high at $4.0 sometime in 2024. It's worth noting that the increasing trading volume on the monthly chart could serve as a significant catalyst in the cryptocurrency market.

RNDR  Token on Daily Price Chart

Source: Tradingview

On the daily price chart, the RNDR token has successfully rebounded from a long-term falling wedge pattern and is now approaching the 50-day simple moving average (SMA), indicated in blue, after a reversal from the $1.30 demand zone. If Render Token (RNDR) manages to break above the 50-SMA, it has the potential to reach the $1.8 zone in the near future, especially considering that RNDR is on the verge of a major bullish crossover between the 100-SMA and 200-SMA.

It's worth noting that the influence of Bitcoin on Render Token (RNDR) appears to be relatively weak, as indicated by the correlation coefficient, which stands at around 0.30. This suggests that buyers may find it advantageous to accumulate RNDR tokens for a secure investment

The RSI (Relative Strength Index) indicator has exhibited a swift recovery from the oversold zone. Currently, the RSI is hovering around the 57 range, trending towards higher levels, signaling a bullish trend for the token.

Taking all technical factors into consideration, there appears to be a strong potential for a long-term buildup in Render Token (RNDR), and it may have the resilience to continue performing well even if Bitcoin's price experiences a decline in the future.

Also Read: FTX's Pending $3.4 Billion Liquidation Raises Market Concerns

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This information is for educational purposes only and does not constitute investment advice. No person should rely on it to make any investment. Investing carries risks, including the loss of capital. All opinions expressed are subject to change without notice. Past performance is not indicative of future results. Always seek the advice of a licensed investment professional before making any investment.