Render [RNDR] price prediction: Why $7 is crucial for bulls

  • RNDR’s recent bounce didn’t change the market structure bias. 
  • Sellers still had leverage as of press time, but a key demand zone ($6-$7) could attract bulls.

In the first half of June, sellers overwhelmed Render’s [RNDR] market. The decentralized GPU system’s token has since shed 14% of its value, dropping from a high of $10.8 to a low of $7.95. 

The recent small bounce post-FOMC didn’t induce a market structure shift, complicating the bull’s prospect of a strong reversal. When will sellers exit? 

Render [RNDR] price prediction

Render [RNDR] price prediction

Source: RNDR/USDT, TradingView

On the HTF (higher timeframe) chart, 12H, key indicators showed mixed signals. The RSI (Relative Strength Index) rebounded from the oversold territory and suggested buying pressure surged.

However, as of press time, it was below the average level (50), indicating that demand for RNDR wasn’t strong yet. 

Additionally, the ADX (Average Directional Index) was above 20 but below 40, showing a strengthening trend, in this case, a downtrend, given that the price has been making lower lows. 

As such, the $6-$7 range, marked in white, was a key interest level for bulls. The level has held further downside four times and doubled as a bullish order block (OB), formed in early May.

So, the zone could attract more RNDR bids, especially if Bitcoin [BTC] doesn’t record more losses. If a likely reversal occurs, the immediate bullish targets will be the 50% ($9.8) and 38.6% ($10.7) Fib levels. 

Market sentiment was negative

Render [RNDR] price predictionRender [RNDR] price prediction

Source: Santiment

Santiment data revealed that the weak price charts were supported by the negative Weighted Sentiment that has gripped RNDR since late May. 

However, the on-chain volume has spiked with the recent price bounce and could boost further recovery if the trend continues. As such, RNDR’s price direction could be set if BTC chalks its next move. 

In the meantime, Coinglass data revealed that key liquidity clusters were located at $9.5 and $10.5 (levels marked with orange).

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Typically, price action tends to hunt for liquidity, and such a scenario could tip RNDR to grace the above levels in a bullish case. 

Render [RNDR] price predictionRender [RNDR] price prediction

Source: Coinglass

So, the $6-$7 demand zone and the overhead liquidity levels were key levels for RNDR players to consider. 

Next: Bitcoin: Whales make risky $1.3 billion bet as BTC tumbles

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