The RNDR Price Surge
The RNDR price surged significantly, hitting a new yearly high of $3.20 on Thursday. This movement confirmed a breakout from the $2.20 horizontal area that has been causing price reactions since March 2021.
Render Price Moves Above $3
Since the start of September, the RNDR price has increased rapidly, with a 125% increase in just 70 days. Breaking out from the $2.20 horizontal area in early October marked a crucial milestone as it had been acting as both resistance and support since March 2021. After validating it as support, the RNDR price accelerated its rate of increase, reaching $3.20, a new yearly high and the highest price in nearly 600 days.
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The weekly RSI is increasing and is above 50, indicating positive signs for the future. Additionally, the RSI is close to crossing above 70, showing that the rally is gaining momentum.
Technical Analysis and Predictions
Technical analysts are using Elliott Wave Theory to predict that RNDR’s price will increase toward a new all-time high. There is bullish sentiment based on fundamental analysis as well, citing emerging technology demand and integration with major tech ecosystems as reasons for RNDR’s potential future success.
“Considering the GPU shortage in the world, Render Network’s unique value proposition in utilizing decentralized GPU power will probably make it huge.”
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RNDR Price Prediction: Can Price Reach New All-Time High?
The most likely Elliott Wave count suggests that the RNDR price is in the third wave of a five-wave upward movement that began in June. The first potential target for the third wave’s top is $5.45, which would break out from the $4.20 horizontal resistance area if achieved.
If wave three extends even further, reaching a high of $8 is possible. However, a close below the $2.20 horizontal area could put this upward movement at risk.
Hot Take: Future Growth Potential
The recent surge in RNDR’s price points towards significant growth potential fueled by both technical and fundamental factors. With predictions indicating a possible reach towards new all-time highs, cautious optimism surrounds RNDR’s future prospects.
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