Render Token ($RENDER) has once again caught the eye of cryptocurrency analysts by forming a notable bullish chart pattern known as the cup and handle.
This pattern, identified on the daily chart, has a neckline set at around $10, which is a critical resistance level for the token.
Currently trading at $8.6, the token price is almost completing the formation of the handle as it rises from a small decline that saw it test $6.7.
Pattern shows RENDER price to break past $10
The cup and handle pattern, a classic bullish signal in technical analysis, has historically led to substantial price increases once the breakout above the neckline occurs.
The pattern begins with the ‘cup’, a ‘U’-shaped formation, reflecting a period of consolidation following a price decline.
After the cup, the ‘handle’ forms, typically a smaller downward movement or consolidation that sets the stage for a breakout.
For $RENDER, the handle is currently forming, with the price hovering around $8.6, suggesting that a breakout above the neckline at $10 could be imminent.
Render price chart by TradingView
Analysts are buzzing with anticipation, suggesting that once the handle formation is completed, $RENDER could be on a path to a major bullish run.
At the current price, RENDER only requires an 18% rise to hit $10, which many see could occur within a week seeing that it gained over 23% over the past week.
Factors expected to propel Render price higher
Several factors are expected to contribute to the upward momentum of $RENDER beyond the $10 mark.
Firstly, the increasing adoption and integration of Render Network within various sectors of the digital economy play a crucial role.
Render Network’s unique proposition of decentralized GPU rendering for high-quality graphics and complex computations is gaining traction, especially in the gaming, virtual reality, and film industries.
This growing utility could naturally drive demand for $RENDER, pushing its price upward.
Moreover, the broader market sentiment towards blockchain and crypto technologies is notably positive, with a surge in interest for tokens that offer real-world applications.
As more developers and companies seek scalable, cost-effective solutions for rendering tasks, Render Network stands out as a promising platform.
The network’s ability to utilize idle GPU power across the globe not only enhances efficiency but also promotes sustainability, which aligns with the current global push towards greener technology solutions.
If the historical reliability of the cup and handle pattern holds, combined with the increasing utility and positive market sentiment, RENDER could see a substantial price increase, that could result in a major breakout once it hits $10.
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