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Render RNDR Price News Today - Technical Analysis Update, Price Now! Elliott Wave Price Prediction!
Introduction
Hello and welcome to another update on Render (RNDR) price movements. In today’s analysis, we explore the recent surge observed since the low on August 5, a trend consistent with various cryptocurrency charts. As we delve into two potential scenarios for RNDR's price action, we'll employ Elliott Wave Theory to assess the market structure.
Current Market Overview
Two Observed Scenarios
Yellow Count Scenario:
- This scenario suggests a diagonal pattern trending upwards from the wave low formed in June 2022. The price movements can be broken down as follows:
- Wave 1: Upwards movement
- Wave 2: Downwards correction
- Wave 3: An ABC structure forming upwards
- Wave 4: A correction downwards which held at critical support levels
- Wave 5: Potentially unfolding upwards now.
In this yellow scenario, the critical support held is the Golden Ratio level at $ 323 for Wave 4, despite the 78.6 FIB level not being deemed a valid support for this fourth wave.
- This scenario suggests a diagonal pattern trending upwards from the wave low formed in June 2022. The price movements can be broken down as follows:
White Count Scenario:
- This more bullish scenario is observed but is viewed with skepticism due to the internal structure's complexity. The waves are labeled as follows:
- Wave 1: Leading diagonal in a larger impulse.
- Wave 2: Downward correction within Wave 3, where only three waves upward have thus far formed.
The reliability of this count is questionable, primarily because Wave 4 is too deep and breaks the usual guideline of the 50% retracement of the previous wave.
- This more bullish scenario is observed but is viewed with skepticism due to the internal structure's complexity. The waves are labeled as follows:
Short-Term Price Action
As we zoom into the 4-hour chart, it reveals a three-wave rally up to this point. The current trend suggests we may be entering the third wave upwards, but the structure remains ambiguous.
Resistance Levels
Using standard FIB levels, the critical resistance begins at the 100% extension, acknowledging that the first rally could peak anytime. The next potential resistance levels are as follows:
- $ 652
- $ 720
- $ 764
The expectation for the third wave is to exceed $ 764, with the fifth wave potentially nearing $ 988. However, the possibility of moving higher largely depends on the internal wave structure developing correctly.
Key Considerations
- Support Level: It is essential to hold the swing low at $ 430; any drop below this value could negate the bullish scenarios.
- Resistance: The price may face significant resistance at $ 652, with additional structural resistance located around $ 730.
Overall, while the trends suggest a low might be in place, the next steps will clarify which Elliott Wave count we are witnessing. It remains prudent to remain aware of potential pullbacks and the subsequent confirmations needed to determine future market directions.
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Keywords
Render, RNDR, Price Predictions, Elliott Wave, Technical Analysis, Yellow Count, White Count, Support Levels, Resistance Levels, Cryptocurrency Market.
FAQ
What is the Elliott Wave Theory?
Elliott Wave Theory is a technical analysis approach that uses patterns of wave formations to predict price movements in the market.
What are the two scenarios presented for RNDR?
The two scenarios are the Yellow Count, suggesting a diagonal wave pattern upwards, and the White Count, indicating a more bullish but less reliable structure.
What are the key resistance levels to watch for RNDR?
The key resistance levels include $ 652, $ 720, and $ 764, which are all critical for understanding potential price movements.
What should I do if the price falls below $ 430?
If the price falls below $ 430, it may call into question the bullish scenarios, and traders should reassess their positions.
How can I stay updated on RNDR price movements?
Following technical analysis videos, subscribing to updates, or following social media channels can provide ongoing insights into RNDR price movements.