CandleFocus Render could rally if it sustains an extended move above key resistance
2024-09-12
Author: Content Editor
Render is down 2% as it attempts to break above the $5.155 resistance level, which could trigger a rally and increase gains for investors who bought within the last 30 days. The AI token has been moving sideways within a key rectangle channel and is now looking to retest the resistance level. If it breaks above the 200-day SMA, it could stage a rally towards $6.097. The RSI is slightly bullish, and rising open interest suggests increasing investor bets on Render's price. However, investors who bought in the past three months are holding their tokens at an average loss, which may deter selling at current prices. A rally to $6.097 could lead to profit-taking and a price correction. A close below $4.74 would invalidate the bullish thesis.
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