Date: Mon, Nov 18, 2024, 08:42 AM GMT
The cryptocurrency market has kicked off the new week with strong bullish momentum, a trend initiated by the recent surge in Bitcoin (BTC) following Donald Trump’s victory in the U.S. presidential elections. Bitcoin’s rise to an all-time high of $93,000 has created a ripple effect, positively influencing altcoins, including one of the leading AI tokens, Render (RENDER).
Over the past week, RENDER has gained over 25% and is currently trading at $7.63, with a 5% increase in the last 24 hours.
Key Breakout on the 2-Hour Chart
A closer look at RENDER’s 2-hour chart reveals a key breakout event that has fueled its recent price action. For the past week, RENDER has been consolidating within a bullish flag pattern, a classic continuation pattern indicating a potential upward move.
The breakout occurred earlier today, as RENDER surged past the $7.36 price level, pushing the token to a high of $7.80 before retracing slightly. This breakout signals renewed buying interest and positions RENDER for further upward momentum in the near term.
What’s Next for RENDER?
On the daily timeframe, RENDER is currently trading within a key resistance zone between $7.49 and $7.85. A decisive breakout above this zone could open the doors for a significant rally.
The next major resistance level to watch is $10.73, representing a potential 40% gain from the current price.
The daily chart also shows a breakout from a long-term descending trendline, which had been acting as resistance for months. This trendline breakout underscores the strength of the ongoing rally.
Conclusion
Render’s breakout and ongoing momentum highlight the growing investor interest in AI-based crypto projects amid a bullish broader market. The ability of RENDER to sustain its upward trajectory will depend on breaking the current resistance zone and maintaining volume support. With Bitcoin leading the charge, RENDER is positioned as a token to watch for substantial gains in the coming weeks.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always conduct your own research before making investment decisions in the cryptocurrency market.