After breaking out of the descending resistance line, the Render Token (RNDR) price is trying to clear an important horizontal resistance area.
RNDR price has been falling below the descending resistance line since February 7th. The decline led to a decrease of $0.89 on March 10th. RNDR price has since moved higher, creating a long lower wick (green symbol) and validating the $0.94 horizontal area as supports.
On April 9, the price broke through the resistance line and reached a high of $1.70 two days later. The breakout was combined with the movement of the RSI above 50 (green line), while the top was formed inside the 0.618 Fibonacci retracement resistance level.
If the price breaks, the next resistance will be at the $2.20 average price. However, if a rejection occurs, the RNDR could drop to the $1.10 resistance line.
Render (RNDR) April Price Prediction: The Beginning of a New Increase?
The wave count supports the continuation of the rise, and regaining the $1.70 resistance area.
At the beginning of the year, RNDR price completed a five-wave bullish move and an ABC corrective structure after that. If so, it looks like the price has now started a new five (black) wave increase. If so, it is currently in the third wave, which is often the most intense of the five waves. Moreover, the number of sub-waves is given in white, which indicates that the price is in the third sub-wave.
If the number is correct, the RNDR price will rise and reach a new yearly high before correcting. A potential target for the entire rally higher would be the long-term $3.0 resistance area.
However, a decline below the high of the first sub-wave (red) at $1.39 will invalidate these bullish expectations. In this case, a drop to $0.94 may follow.
In conclusion, the most likely RNDR price prediction for April is an increase towards a new yearly high, likely towards $3.0. This offer token’s price prediction will be deemed invalid with a drop below $1.39. In this case, the RNDR could drop to $0.92.
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Disclaimer
In line with Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate and unbiased reporting, but market conditions are subject to change without notice. Always do your own research and consult with a professional before making any financial decisions.
