- RNDR’s double bottom breakout above $4.00 confirms bullish momentum, with strong daily closes reinforcing a $5.50 target.
- Price reclaimed $4.28 after six weeks of base-building, while the $4.00 neckline now serves as critical support on pullbacks.
- Resistance near $4.50 may cause short-term hesitation, but as long as $4.00 holds, bulls retain full control of market structure.
Render (RNDR) completed a bullish double bottom pattern, confirming breakout momentum above the $4.00 neckline. Price structure now targets the $5.50 level, supported by sustained strength on the daily timeframe.
Pattern Structure Confirms Bullish Reversal
A well-defined double bottom formed on the RNDR price timespan between March 6 and April 13, with both lows printing near $2.80. The neckline at $4.00 served as resistance until a decisive close above it on April 20. This breakout activated a measured move target of $5.50 based on the vertical depth of the formation.
Market analyst Merlijn The Trader provided a detailed technical analysis of RNDR’s daily chart movement from early February to mid-April 2024. Over six weeks, the pattern matured with two nearly identical troughs and a clearly defined horizontal neckline. Leading into the breakout, the chart showed a tightening price range and diminishing sell volume, indicating reduced bearish momentum ahead of the breakout.
Source: Merlijn The Trader
Following the breakout, RNDR reached $4.28 with strong conviction, closing firmly above the neckline. Merlijn marked $4.00 as the primary retest zone, calling it structurally critical for the bullish setup. Breakout integrity remained intact as daily candles continued to close above that level.
By studying long-tail rejections, Merlijn measured buyer strength in the candles following the breakout. Price expanded quickly above $4.20, reclaiming prior resistance and reinforcing the reversal thesis. The $5.50 target matched standard breakout mechanics associated with the double bottom pattern.
Key Levels and Resistance Mapping
Short-term resistance emerged near $4.50, a zone where the price had previously stalled in March and early April. Momentum is needed to break through this level for continued upside progress. As long as $4.00 holds, the technical target remains active.
In light of the recent pivot structure, Merlijn reaffirmed the bullish bias above $4.28. No bearish divergences were visible on the daily timeframe at the time of review. The breakout remains valid while price holds above neckline support, keeping $5.50 as the primary upside objective.
