Coinbase Drops Support, Yet RENDER Surges 15% - Is Sustainable Growth Likely?
RENDER Token Poised for Up to 15% Growth Following Bullish Flag Pattern
Recent developments surrounding RENDER (RNDR) have seen the token delisted from Coinbase and experiencing a challenging period. However, despite these setbacks, experts predict a potential 15% increase in the asset's value if it can hold above the crucial level of $4.20.
The token's delisting on Coinbase, which occurred during a testing period for RNDR at the key support level of $4.20, has generated a wave of negative sentiment. The reason behind the delisting was attributable to the migration and rebranding of RNDR to RENDER, which no longer meets Coinbase's listing criteria as the new versions of the token have been released.
Despite the prevailing bearish sentiment, an expert has expressed a bullish outlook for RENDER. This sentiment is underpinned by the token's formation of a bullish flag pattern on the weekly timeframe. According to the expert, the technical target for RENDER, if the pattern plays out as expected, is a potential $80.
From a current trading price of around $4.41, a 15% growth would bring the token to approximately $5.20, if it can manage to hold above the support level of $4.20. However, if it fails to do so and closes a daily candle below $4.10, a potential 25% drop could push the price down to $3.05.
At present, RENDER is trading below its 200 Exponential Moving Average (EMA) on the daily timeframe, with a downtrend apparent. This indicator is often used by traders and investors to determine the direction of an asset's trend. Historically, RENDER has found support at the $4.20 level, and so it remains a critical level for the token's short-term performance.
The expert's prediction of a potential $80 target for RENDER is ambitious but not impossible, given the token's past performance. The success of such a move would depend largely on market sentiment and external factors, as well as RENDER's ability to maintain its bullish pattern and clear resistance levels.
It's worth noting that while a short-term rally could be on the horizon, more long-term forecasts predict a less dramatic increase in RENDER's value. For instance, mainstream predictions for 2025 place the token's value between $4.1 and $11.38, with an average expectation of around $6.5. More bullish models suggest RENDER could close the year above $10, but not all analysts agree with these projections.
In summary, while the delisting from Coinbase and ongoing market uncertainty have created challenges for RENDER, experts suggest that the token could see a short-term increase in value if it manages to hold above the $4.20 level. The more ambitious goal of $80 remains speculative at this point, with mainstream projections suggesting a more modest increase in value for 2025 and beyond.
- The expert's prediction of a potential 15% growth for RENDER would bring the token's price to approximately $5.20, if it can hold above the support level of $4.20 as it has historically done.
- Despite the delisting from Coinbase and the bearish sentiment, an expert has expressed a bullish outlook for RENDER, underpinned by the token's formation of a bullish flag pattern on the weekly timeframe.
- The token's delisting on Coinbase, due to its migration and rebranding, has generated a wave of negative sentiment in the crypto market, but the technical target for RENDER, if the pattern plays out as expected, is a potential $80.
- While a short-term rally could be on the horizon for RENDER, more long-term forecasts predict a less dramatic increase in its value, with mainstream predictions for 2025 placing the token's value between $4.1 and $11.38.
