Render (RENDER) Skyrockets After Falling Wedge Breakout With $2.73 in Sight

RENDER is moving from a bearish to a bullish setup after a prolonged period of market volatility, as per the data from CoinMarketCap, as of Wednesday, January 28. Its price has surged by 9.63% over the last 24 hours but is showing stability as compared to the last week.

At the time of writing, the token is trading at $1.98, supported by a trading volume of $70.61 million, marking a surge of 50.54% over the last 24 hours. Its market capitalization is standing at $1.02 billion, placing the token among the market’s top performers.

Source: CoinMarketCap

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RENDER Eyes $2.73 After Bullish Falling Wedge Breakout

However, a crypto analyst named Clifton Fx on Wednesday, 28 January, highlighted that it is showing early signs of a trend reversal, particularly after the formation of an upside breakout in a falling wedge pattern on the 4-hour time frame. This is a bullish technical formation, which often shows a weakening of bearish pressure.

Source: Clifton Fx X Post

In addition, RENDER is also maintaining its strength above the breakout zone, and the signal is showing improving bullish momentum. If this continues to be the case, it could indicate a strong upside move for the asset, with a long-term target at $2.73, which could also generate interest in the market and boost confidence in the asset’s recovery.

RENDER Technicals Point to Short-Term Consolidation

According to the daily chart on TradingView on 28 January, Wednesday, it is rebounding from the $1.25-$1.30 price zone, creating a sharp impulse towards the $2.40-$2.50 region.

Yet, the price is currently pulling back and consolidating around the $1.98 mark, implying that the price is undergoing profit-taking after the sharp rise while creating a higher low compared to the December low.

Source: TradingView

The momentum indicators show signs of decreasing bullish momentum. The MACD histogram has turned negative as its signal line has crossed below it.

This may suggest that there is some bearish pressure in the short term. The RSI has also dropped from its overbought position to 50, but this is not enough to say that there has been a complete change in trend, as buyers are holding their support at mid-range.

Also Read: Render (RENDER) Price Drops to $2.17: Will It Bounce to $3.85?