• An analyst highlights the bullish flag completion for Render Network, signaling potential for a mid-term rally supported by strong technical indicators.
  • Coinbase has launched perpetual futures contracts for Render, expanding global trading options and increasing investor interest in the token.

Crypto analyst Alex Cray has highlighted the bullish potential of Render Network (RENDER) based on his extensive technical analysis. He feels RENDER has completed the bullish flag pattern, a technical chart formation that typically predicts the continuation of an upward trend.

This completion indicates that the token is primed for a rally, and it is currently testing a resistance cluster that corresponds to the former big supply zone and the bull flag’s resistance. Such patterns are often regarded as a favorable indication for investors, indicating that the price may be poised for another upward run.

#RENDER /USDT $Render completed the bullish flag and now testing the resistance cluster of former major supply zone + bull flag's resistance🧐

Also I like how both EMA 50 & EMA 100 serve as dynamic support👌

Looking for mid-term rally to begin🚀

🎯1 Target – 16.060$
🎯2… pic.twitter.com/NBjJpfwP4I

— Alex Clay (@cryptclay) September 29, 2024

EMAs Provide Strong Support for RENDER Bullish Momentum 

Furthermore, Alex Cray notes that both the 50-day and 100-day exponential moving averages (EMA) have served as dynamic support levels for RENDER. These EMAs are important indicators in technical analysis, typically indicating probable zones of support or resistance.

In this case, they appear to be supporting RENDER’s present bullish momentum, lending credence to Alex’s prediction of a mid-term rally. He has set lofty goals for RENDER, expecting that it will reach $16.06 in the near term and perhaps even $23.87 in the long term if market conditions continue well.

At the time of writing, RENDER is trading around $6.60, up 3.95% over the last 24 hours and 6.24% over the last seven days. This consistent upward rise has increased its market cap to be above $3.4 billion.

On the other hand, CNF noted that another well-known analyst sees possibility for RENDER to resume its rising trend.

This analyst believes that the token may recover and return to the $12.30 level, strengthening the project’s overall positive sentiment. Multiple endorsements from experienced analysts show that RENDER is on the cusp of a huge breakout.

Furthermore, as we previously reported , Coinbase’s recent addition of perpetual futures contracts for RENDER and two other tokens to its international platform has broadened worldwide investors’ trading choices. This development has created new opportunities for RENDER’s exposure, perhaps generating additional interest from institutional and retail investors alike.