- Altcoin RENDER breaks out of critical resistance level.
- However, now it faces another at $1.77.
- Can the price of RENDER continue to pump this month?
The altcoin crypto community is thrilled and relieved to see several altcoin assets finally making promising bullish moves. At the moment, ETH, alongside many bullish altcoins, is reclaiming higher prices and holding the breakout of crucial price levels. For instance, altcoin REDER breaks out of critical resistance level only to face another, will the asset continue to pump further?
Altcoin RENDER Breaks Out of Critical Resistance Level
A few days ago, one expert highlighted how quickly the prices of BTC and ETH surged, going from the $70,000 price range to $87,000 for BTC and for ETH to go from under $2,500 to as far as above $2,600. This is because most of the altcoin market went on to reflect the path of the pioneer crypto and altcoin assets, with many breaking past crucial resistance levels of their own.
This led to a discussion among most analysts and traders wondering whether the sharp surge would lead to a healthy short correction or if the surge would continue over the coming days. So far, it seems the correction is playing out first, with a continued price surge to follow.
According to that analyst, the $1.57 level would be reclaimed first before RENDER could set its sights on $2.7 next. As we can see from the post above, RENDER not only reclaimed $1.57, but went far beyond to trade above $1.7. Despite this exceptional move, the analyst and goes on to advise other traders not to FOMO into the token just yet. He says that the bullish surge is a clear call for caution instead.
Will the Asset Pump Further Soon?
In his eyes, one of two scenarios could play out. The first is a 60% chance for RENDER to be printing a fakeout, leading its price to fall back below $1.57, and setting up a deeper retracement toward the Fib zone around $1.45 – $1.39. However, he also speaks of a 40% chance for RENDER to hold the breakout and consolidate above the old resistance, eventually pushing its price toward $2.05.
Another expert adds to the conversation, saying that RENDER has made this setup before and the result was a surge of over 1,073%. If the same surge is to play out now, the price of RENDER could go as far as the $13 price target. From there, another compression-led surge could push the price of RENDER to $25 and above.
