Render (RNDR) Price Projection: Evaluating RNDR's Potential for Q4 Returns

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Render (RNDR) is catching the eye of the blockchain community with its forward-thinking approach to cloud computing and content rendering.

As we near the end of the year, now is the perfect time to assess RNDR’s potential for generating returns in Q4.

RNDR is valued at $1.75 as of 4:54 a.m. EST, showing a 0.8% increase in the past 24 hours. Furthermore, it has demonstrated a strong performance throughout the week, boasting an impressive gain of 17%.

RNDR Bulls Signal Breakout Above Symmetrical Triangle

RNDR/USDT Chart Analysis. Source: tradingview.com — RNDRUSDT Chart Analysis. Source: tradingview.com

The bullish momentum for RNDR in Q4 of 2023 is supported by the formation of a symmetrical triangle on the weekly chart.

The chart suggests strong indications of a potential breakout from a previously bearish technical pattern for RNDR.

Currently, the bulls are in control as they have bounced off the lower boundary of the triangle.

If the price successfully breaks above the $1.95 resistance level, which coincides with the triangle’s upper boundary, it will confirm the bull rally in Q4 of 2023.

This breakthrough could pave the way for RNDR to challenge the next resistance level at $3.27, situated above the triangle and coinciding with the 200-day moving average.

This optimistic outlook gains further strength from the price surpassing the 50-day simple moving average at $1.08 and rebounding at the $1.42 mark, providing the bulls with increased momentum to drive prices higher.

Currently, the 50 SMA serves as a support level for RNDR.

Momentum is building, as evidenced by the Relative Strength Index (RSI) trending upwards above the neutral position of 50, indicating intense buying pressure.

This could push the Render price higher beyond the overbought region of 70, confirming the bullish trend.

In Q4 of 2023, the projection on RNDR is bullish, potentially targeting the psychological resistance mark of $3.27 (as indicated by the green arrow).

Such a move would represent a substantial 69.3% increase from its current levels.

However, it’s essential to note that there’s also the possibility of RNDR’s price declining further, reaching the lower boundary of the triangle, and breaking below it. In this scenario, bears may revisit the lower end of the range at $0.3.

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