Render (RNDR) reaches a new annual high

The price of Rinder (RNDR) has made significant gains this week. The RNDR surge hit a new annual high today.

Only one more resistance is left until RNDR hits an all-time high. Can it pass this month?

RNDR accelerates upward movement.

RNDR's price has experienced a significant bullish run this year. The price has risen 1,100% since January, reaching a new annual high of $4.87 today. This is the highest price in more than 700 days and the highest new RNDR in a year.

In an upward move, RNDR broke out of a key horizontal resistance position that had been in place since April. This accelerated the rate of increase, and the price now has only one more resistance left to reach the maximum level.

When assessing market conditions, traders use relative strength (RSI) as a momentum indicator to determine whether the market is overbought or oversold and to stock or sell the asset.

If the RSI reading is above 50 and the trend is up, the bulls still have an advantage, but if the reading is below 50, the opposite is true.

The weekly RSI is above 50 and rising. Although it is overbought, there is no bearish divergence in the position.

What do traders say?

Cryptocurrency traders and analysts believe that X's upward movement will continue.

Don Mimi tweeted a chart indicating that the price of RNDR will reach its next target at $5.50.

OurCryptoTalk says it is buying more RNDR due to price action and artificial intelligence narrative. He tweeted:

A strong support has been held above $3.5 since the price broke out of the triangle pattern.

As momentum continues to decline, $RNDR has touched the $4 mark on 3 separate occasions, confirming a fierce battle between short-sellers and long-term believers.

The altcoin era is just beginning and the AI ​​narrative will grow in the long term. At these levels, buying $RNDR in 2024 seems highly unlikely.

Finally, default traders said RNDR will reach price discovery before the end of the year.

RNDR Price Prediction: All-Time High in the Hall?

Elliott Wave Theory involves the analysis of recurring long-term price patterns and investor psychology to determine the direction of a trend.

The most predictable wave count indicates that RNDR is in the third wave of a five-wave uptrend (black). Wave three, which started in June 2022, has already extended over the length of wave one.

Therefore, the next most estimated target is 1.61 times the length of the first wave, at $5.65. This matches the horizontal resistance position at $5.50 and adds up to 20%.

Once the RNDR gets there, the reaction determines that the price will rise to the next resistance at $8.40, which would be a 75% upside move.

Despite the high RNDR price forecast, the failure to go above the $5.50 resistance means that it is the top of the environment. The price may fall to the $3.70 close support in that case.

This would be a 20% discount from the current price and a 32% discount from around $5.50.

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