RENDER Holds Falling Wedge as Analysts Eye Targets Up to $12

On Thursday, February 12, RENDER is trading at $1.26 following a 1.72% decline in the past 24 hours. The token’s trading volume increased by 52.37% to $40.98 million. The token lost 17.6% in the week, according to CoinMarketCap.

Source: CoinMarketCap

More Crypto Online, an analyst, highlighted that RENDER is still in the process of correcting.  There is no indication that the low has been formed in wave ii. The 100% extension is the best target for the circle wave C. The next possible target is $1.03 as long as it stays below $1.67.

Source: X

RENDER Holds Key Support Zone

In addition, another analyst, Jonathan Carter, mentioned that the falling wedge support is still active on the weekly chart. The token has been able to stay above the lower boundary of the falling wedge.

The price action is still respecting the support zone. The falling wedge is still in place, and the token is showing early signs of stability.

The analyst provided several targets in case the support continues to hold. The targets include $2.00, $2.50, $3.40, $4.20, $5.30, $7.30, and $12.00. 

Source: X

The targets have been provided by the technical levels on the higher timeframe. The levels represent the zones that the market may react in case it strengthens.

Also Read: Zcash Faces Pressure: Will ZEC Reclaim $330 or Slide to $140 Support?

RSI and MACD Confirm Negative Trend

The Relative Strength Index (RSI) value currently stands at 33.21, whereas the signal line stands at 35.67. The RSI values currently remain in the lower range, indicating the persistence of bearish pressure.

The Moving Average Convergence Divergence (MACD) currently stands at -0.169, whereas the signal line stands at -0.137. The histogram sits at -0.032. The MACD indicator currently reveals negative momentum, along with the continuation of the prevailing trend.

Source: TradingView

Derivatives Data Shows Mixed Market Positioning

According to CoinGlass data, the futures volume currently stands at $60.59 million, having fallen by 4.05%. The open interest stands at $37.82 million, having increased by 1.18%. The OI-weighted funding rate is at -0.0087%, revealing mild pressure on short positions.

Source: CoinGlass

RENDER currently continues to trade within the established technical levels. Analysts currently keep a close watch on the corrective pattern, along with the wedge boundary. The market currently remains sensitive to the support levels.

Also Read: RENDER Plunges 19% but Could Rally to $7.30–$12 Soon