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Render (RNDR) and Algorand (ALGO) have broken free from downtrends, signaling a bullish reversal for both.
Render (RNDR) hints at an upward move since breaking through a key downtrend line. The price of RNDR, currently at $6.11, has since gone up noticeably to suggest growing bullish sentiment among traders.
$RNDR Looking as the next alt to explode pic.twitter.com/dmsliRsMtt
— Sheldon The Sniper (@Sheldon_Sniper) September 23, 2024
As of today, Render has increased 1.13% in the last 24 hours, with a trading volume of $466 million, which has grabbed the attention of market participants.
Looking at the weekly chart, Render’s price movement against Tether (USDT) on Coinbase reveals a recent breakout above a downward-sloping trendline. This breakout points to a possible reversal of the previous bearish trend, a significant change for RNDR, which had been trading downwards.
The price jumped by 11.12%, hitting $6.21 at the time of writing, with 6 days and 9 hours left for the current weekly candle to close. The breakout region is circled on the chart, suggesting a potential continuation of the upward movement.
The next big hurdle for Render is the $10 resistance level, about 71.50% above its current price. If the bullish trend continues, this level could be the next target for traders.
The resistance zone will likely see selling pressure, making it a key area to monitor. While the current trading volume seems moderate, indicating cautious buying, a strong push beyond $10 could pave the way for further gains.
Algorand (ALGO) Follows Suit
Like RNDR, Algorand (ALGO) has broken a downtrend, though on a daily time frame. Currently trading at around $0.1346, ALGO is facing two major resistance zones: one at $0.1549, a potential 15.55% increase, and another at $0.221, a possible 70.64% rise.
These levels could make it difficult for upward movement, but support near the current price level may provide some stability.
At the time of writing, Algorand was priced at $0.133, down 0.21% in the past 24 hours. Even with this slight dip, Algorand saw a trading volume of $24.78 million over the past day.
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