Bitcoin News Today: Render Token Gains 3.50% Testing Key Resistance at $4.22

Render (RENDER) has experienced a significant upward shift in its price, gaining 3.50% and currently trading at $4.22. This movement brings the token to a critical juncture, directly testing a long-standing descending trendline that has been in place since the December 2024 high. Traders are closely monitoring this level for a potential breakout, which could signal a substantial price advancement.

The current price action is precisely at the $4.22 resistance level, with immediate support holding at $3.99. The chart setup suggests a projected 70.96% upside from current levels, potentially placing the next target near $7.12. This projected move is significant as it indicates a potential price widening into the area of $7.00-$7.12. The alignment of volume and price activity further supports this positive outlook, with RENDER showing strength against both Bitcoin (BTC) and Ethereum (ETH) benchmarks.

RENDER’s recovery has been steady since the June low near $2.80, with buyers consistently pushing prices higher. The descending trendline, which intersects at the $4.22 mark, is a crucial level for traders. A successful break above this level could confirm a potential price widening into the $7.00-$7.12 range. The $3.99 mark continues to provide near-term support, acting as a pivot during both rallying and collapsing periods. The range between $3.99 and $4.22 defines the short-term market behavior for RENDER.

The highlighted green zone on the chart outlines a measured move of approximately 2.992 points or 70.96%. This potential move originates from the current breakout level and projects a future price zone around $7.12. Notably, there is no prior overhead resistance between the breakout point and the target zone, increasing the significance of the breakout structure. A sustained move above $4.22 could attract attention to the $5.50s and $7.00s ranges, with potential short-term volatility likely. However, the price structure leans towards a further rise as long as it remains above the support level.

RENDER has also gained ground relative to major cryptocurrencies. Against Bitcoin, it traded at 0.00003579 BTC, marking a 3.9% increase. This relative performance adds weight to the trendline test and complements the projected breakout zone currently in play. The overall market sentiment and technical indicators suggest that RENDER is poised for a significant breakout, with the potential to reach new highs in the near future.