Render (RNDR) has confirmed a breakdown below a symmetrical triangle, putting the token at risk of further losing value. Despite the charts showing bearish action, market analysts believe the token is in an accumulation zone, and it could spike by 25 times.
RNDR goes out of symmetrical triangle bounds
Render (RNDR) has gone out of the bounds of a symmetrical triangle, which puts the token at the risk of further crashing. The symmetrical triangle is a neutral pattern, and the prices could go either way when the breakout happens. However, now that the token has crashed below the lower trendline of the symmetrical triangle, the community believes that it could further crash.
Priced at $1.50, the token is currently trying its best to hold onto the present support level as bear pressure continues to weigh on it. Even the relative strength index indicator shows that the bears are overpowering the bulls, and the sell-off, though weak, still has a stranglehold on the market.
Render could spike by 25X, states an analyst
However, crypto analyst who goes by the pseudonym Crypto Patel believes that Render could spike by 25X and reach $50 during the bull cycle.
The analyst’s frame of reference is based on the fundamentals and the technical setup. In recent times Render has been supporting music creators, artists, and other creators to amplify their work to the world. It works as a platform that could showcase the creations of talented individuals. In addition to this, it also helps connect with GPUs across the network, making the rendering process much faster and less heavy.
Another analyst stated that Render is currently traversing a path that produced a massive 3000% increase back in 2022. During this time the token had already lost 94%, and the market had given up on the token.
Even in the present context, RNDR is down by 88%, and nobody in the market actually cares, and the price is building a macro base. If history repeats, this base could be the foundation for the next rally.
