- Render’s breakout from the bullish flag pattern signaled a potential rise to $14.
- Increased network activity and liquidations of short positions suggested the potential for continued price gains.
Render [RNDR] has captured significant attention in the market after breaking out of its bullish flag pattern, with its price surging to $8.14, up 8.71% at press time.
This breakout comes after the token achieved a $4 billion market cap, which has piqued the interest of investors and traders.
With key resistance at $10 in sight and a potential target of $14, Render’s next price move could have significant implications for its future.
However, can Render maintain its upward momentum, or is a price pullback imminent?
What’s driving the price action?
Render’s bullish breakout is a clear sign of increasing investor confidence.
The breakout from the bullish flag pattern has set the stage for a potential rally towards the $10 resistance level, a key hurdle that could determine the next leg of its price movement.
If Render manages to break this level, traders may target $14 as the next price objective, marking a potential 70% upside from the current level.
Additionally, the token’s recent market cap of $4 billion signaled a growing interest in Render’s ecosystem. Such milestones often attract more investors and can provide a solid foundation for further price appreciation.
Render’s technical indicators provide further insight into its price action. The Relative Strength Index (RSI) was 59.28 at press time.
This suggested that while the token remained in bullish territory, it was approaching overbought conditions. So, while RNDR may continue to rise, the risk of a price correction increases as the token nears overbought levels.
Source: TradingView
What’s the data showing?
RNDR’s network activity is also seeing positive signs. Daily active addresses have risen to 894, up from 609 the previous day.
This uptick indicates that more users are actively engaging with the network, which could signal increased demand and further support the current price rally.
Higher network activity typically leads to higher transaction volumes, adding further bullish momentum.
Source: Santiment
Liquidations and market pressure
Render’s market dynamics showed that both long and short traders were feeling the pressure. Short liquidations totaled $114.76K, while long liquidations were recorded at $53.85K.
The higher amount of short liquidations signals that traders betting against RNDR are facing increasing losses, which could fuel further upward price action.
Consequently, short-sellers may find themselves forced to cover their positions, contributing to the bullish momentum.
Source: Coinglass
Read Render’s [RNDR] Price Prediction 2024–2025
Conclusion: Will RNDR hit $14?
Render’s breakout, coupled with the increase in active addresses and bullish market sentiment, sets a positive outlook for the token.
However, the RSI nearing overbought territory and the key resistance at $10 could challenge its momentum. If Render clears the $10 resistance, a rise to $14 is certainly within reach.
