RENDER Price Breaks Multiple Resistance Levels; Expert Predicts It Could Move Like Raydium (RAY)

Top crypto analyst World Of Charts predicts RENDER could mirror Raydium's (RAY) price movement following its breakthrough of key resistance levels.

CryptoSlate Top Charting Analysis World Of Charts anticipates RENDER might move like Raydium (RAY) following its breakout of key resistance levels. The technical analyst points out RAY’s 190% move after a similar breakout pattern, which could bode well for RENDER.

Technical Breakout Hints at Bullish Momentum

On the 3-day chart, RENDER has broken out of a long-term downtrend line, signaling a pivot in the market structure.

$Render Can Move Like $Ray In Coming Days

Render Cleared Multiple Resistance Area Recently & Seems Like Render Is Now Ready For Strong Rally Towards 20$ https://t.co/awgFzf2O5G

— TechDev (@TechDev_52) March 1, 2023

The token has broken out of a major horizontal resistance zone ranging between $6.50-$8.50, which is now turning into new support. This price action showcases strong buying pressure after months of consolidation below the $8.50 level.

Earlier in 2023, a falling wedge pattern breakout played a role in setting up this move for RENDER, which is now trading around $8.65 with bullish momentum as it approaches double-digit territory.

World Of Charts shared some insight into RAY’s performance, mentioning a 190% move since its technical breakout. The analyst’s trading strategy involves looking for projects with strong fundamentals combined with clear technical setups during trending markets.

RAY’s price action serves as a reference point for RENDER’s potential trajectory.

Price Target, Support Levels

From a chart perspective, the next major target for RENDER is around the $20 level, which would equate to a possible 242% move from the breakout zone.

The previous resistance band between $6.50 and $8.50 has flipped to become a support zone. Round numbers at $10 and $15 could act as psychological price levels before reaching the projected target.

The analyst’s technical examination reveals multiple confirmatory signals supporting the bullish outlook. These include the successful breach of the downtrend line, completion of the consolidation period, and confirmation of the breakout above key resistance levels.

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