Render (RNDR) has now lost more than 90% of its price from its all-time high, and it’s now testing an important support level ($1). Historically, the current support level where RNDR prices are at was a buy zone, which produced a 5000% spike. Should RNDR hold this support level, crypto netizen Crypto Patel expects the token to gain value by 2600%.
Render, which is currently trading at $1.35, reached this level after it shed about 90% of its value from its all-time high of $13.8. The token hit its all-time high back in March 2024, after which the token started to lose value drastically. During its descent, the buyers tried to stop the crashing prices just around the $3.3 level.
Although the buyers held the prices together momentarily, the mounting sell-off pressure was too much for the buyers. As such, RNDR further crashed and found support near $2.73. Again, this support level was breached before too long.
RNDR spiked by 5000% during last cycle
Currently priced at $1.35, RNDR is at a pivotal spot. History shows that when the token reached this level, it spiked by 5000%. This area is a bullish order block region where buyers accumulated heavily during the previous cycle. Even the fixed volume range shows the high trading activity in this region.
Render will hold $1 support level
According to Crypto Patel, if the buyers can defend the $1 support level until the market conditions clear, then there is a high chance that the token could gain value by more than 2600%.
Further analyzing the current RNDR prices, the token is trading inside a falling wedge, making lower lows and lower highs as the apex of the wedge forms.
This motion of making lower highs and lower lows will continue until RNDR fully forms the falling wedge. Since RNDR is currently near the lower trendline of the falling wedge, some traders buy here, expecting RNDR to hit a new lower high. Eventually, when this ripples into a buying frenzy, RNDR will eventually gain value and rise above $2. And more importantly, it will hold the $1 level pointed out by the analyst.
