• Render price is planning to escape its $3.36 to $5.27 range after the recent uptick.
  • RNDR is likely to revisit the range’s midpoint at $4.32 or the imbalance, extending from $4.24 to $4.19. 
  • NVIDIA Corp’s earnings on February 21 could drive the AI-related token to retest the range high of $5.27.
  • If RNDR flips the $4.32 support into a resistance level, it will invalidate the bullish thesis.

Render (RNDR) price managed to end its consolidation and trigger a rally that flipped a key resistance level into a support level. This development has now opened the gates for RNDR bulls to take control. Additionally, the NVIDIA Corp’s earnings are set to be announced on February 21, which could affect the AI-related tokens like it did in November 2023. 

RNDR’s market value inflated by 68%, a week ahead of the NVIDIA Copr’s earnings on November 21, 2023. So, if history repeats, investors can expect the Render price to restart a similar uptrend. 

Also read: Render price trades within a supply zone, risks a 20% fall unless this happens

Render price eyes a range high retest 

Render price created the $3.36 to $5.27 range between December 26, 2023 and January 7, 2024. For most of this rangebound movement, RNDR remained below the range's midpoint. The recent burst in buying pressure pushed it to overcome the range’s midpoint at $3.27 and flip it into a support floor.

Now, Render price trades around $4.76, eyeing a retest of the range high at $5.27. There are two outlooks on how this move could play out. 

RNDR moves from the current position to retest the range high due to NVIDIA Corp’s earnings in February. 

RNDR retraces into the four-hour imbalance, extending from $4.24 to $4.19 before it kickstarts a move to retest range high. 

If NVIDIA Corp’s earnings beat expectations by a huge magnitude, then investors can expect the Render price to extend beyond the range high of $5.27 and tag the 161.8% Fibonacci extension level at $6.45. 

RNDR/USDT 12-hour chart

RNDR/USDT 12-hour chart

In the short-term, the optimistic outlook for the Render price is dependent on the recent flip of the range’s midpoint at $4.32. However, a breakdown of this level will invalidate the bullish thesis and potentially trigger a 22% correction to retest or sweep the range low at $3.36. In this case, RNDR could slide nearly 11% and tag the $3 psychological level.

Also read: Render price skyrockets by 25% as Binance announces RNDR listing on its Japanese exchange

(This story was corrected on February 4 at 10:58 AM GMT to say that the RNDR remained below the range's midpoint instead of RNDR remained below the range low.)


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP