Date: Fri, May 09, 2025 | 06:30 AM GMT
The cryptocurrency market continues to build on its recent strength, with Bitcoin (BTC) and Ethereum (ETH) leading the charge. In the past 24 hours, BTC has crossed $102K while ETH has climbed more than 17% and is now trading above the $2,200 mark — its highest level in months. This resurgence is also helping to lift sentiment across major altcoins, including Render (RENDER).
The AI-focused token has surged over 7% today, bringing its monthly gains to an impressive 61%. Now, current price action suggests that more upside may be on the way.
Source: Coinmarketcap
Testing Key Resistance
On the daily chart, $RENDER has been forming a classic double bottom reversal pattern. After hitting lows near $2.52 in March and again in early April, the token bounced strongly and pushed up toward the neckline resistance at $4.20. This neckline was successfully broken on April 20, confirming the bullish reversal and sparking a rally to the $4.91 level — the upper boundary of a key resistance zone (blue box).
Render (RENDER) 3Daily Chart/Coinsprobe (Source: Tradingview)
As is typical in technical breakouts, price briefly pulled back to retest the breakout zone around $4.20. That retest held firm, and now RENDER is once again surging upward, currently trading near $4.80, just below the crucial $4.91 resistance level.
A confirmed breakout above $4.91 could open the door to a powerful rally toward the next major resistance near $6.18 — a potential gain of over 28% from current levels. This area marks a strong supply zone where bulls may face some selling pressure, but the overall structure remains bullish.
The double bottom pattern, clean retest, and strength in the broader crypto market all support the idea that RENDER may be setting up for another leg higher. Traders should watch for a strong daily close above $4.91 to confirm the breakout and trigger upside momentum.
Disclaimer: This article is for informational purposes only and not financial advice. Always conduct your own research before investing in cryptocurrencies.
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