- RNDR breaks multi-month channel, aiming for $6.04 if resistance clears
- Bullish MACD crossover confirms momentum shift above $3.50 resistance
- Key supports at $2.70 and $3.10 hold as $RNDR forms higher lows in April
$RNDR has approached a long-term descending resistance after months of consolidation within a defined bearish channel. Momentum indicators and price structure now show a shift toward bullish behavior, with upside targets emerging.
Technical Overview of the Descending Channel Structure
RNDR spent months inside a descending channel formed by lower highs and lower lows since November 2024. This setup indicates persistent downward pressure, with each rally rejected at the upper boundary of the channel. Price movement respected the structure until early April, when bullish activity began increasing.
The trend changed direction as RNDR price action surged from the lower boundary of the channel. At this point, the asset began to target the channel’s upper trendline. The analyst World Of Charts has provided additional insights into this development.
Source: World Of Charts
According to World Of Charts, $RNDR is attempting a breakout from the descending channel, targeting a potential rally to $6.04. He pointed out that a breakout from the $3.58 level marks a 70.76% increase if confirmed. His charted projection shows a breakout leg extending toward the $6 region, a former resistance.
The descending channel has capped upside since November 2024, forming a key technical structure. Price movement above the channel would confirm a reversal from the multi-month trend. His analysis highlighted support at $2.70 and intermediate support near $3.10.
Structural Shift Validated by Momentum Indicators
Inspector Crypto has offered additional insights using structural and momentum-based observations from the daily timespan. His analysis included a breakout above a long-term resistance trendline, alongside a confirmed double bottom formation. This setup typically signals a reversal from bearish to bullish territory.
Source: Inspector Crypto
Inspector Crypto pointed to a bullish MACD crossover aligned with the breakout event. The MACD histogram turned green, and the signal line crossed beneath the MACD line. These movements confirmed a surge in upward momentum matching the price breakout.
He also referenced $RNDR’s newly formed bullish wave as a break from previous consolidation zones. Support held firm at $2.5157, allowing for an upward leg toward $3.73. If resistance between $4.20 and $4.60 clears, price may challenge the $7.1139 level.
According to him, a 200-day moving average near $5.50 may act as dynamic resistance if tested. This moving average slopes downward and has not been breached since late 2024. The breakout above descending resistance aligns with rising momentum and confirms a potential trend reversal.
