Render and Algorand Break Downtrends, Signals Bullish Reversals

• RNDR broke a key downtrend, signaling a potential bullish reversal with a target at $10 resistance.  
• Algorand faces resistance at $0.1549 and $0.221 after breaking daily downtrend.  
• RNDR and ALGO show breakout potential, but both face key resistance levels ahead.

Render (RNDR) and Algorand (ALGO) have broken free from downtrends, signaling a bullish reversal for both.

Render (RNDR) hints at an upward move since breaking through a key downtrend line. The price of RNDR, currently at $6.11, has since gone up noticeably to suggest growing bullish sentiment among traders.

$RNDR Looking as the next alt to explode pic.twitter.com/dmsliRsMtt

— Sheldon The Sniper (@Sheldon_Sniper)
September 23, 2024

As of today, Render has increased 1.13% in the last 24 hours, with a trading volume of $466 million, which has grabbed the attention of market participants.

Source:
CoinMarketCap

Looking at the weekly chart, Render’s price movement against Tether (USDT) on Coinbase reveals a recent breakout above a downward-sloping trendline. This breakout points to a possible reversal of the previous bearish trend, a significant change for RNDR, which had been trading downwards.

The price jumped by 11.12%, hitting $6.21 at the time of writing, with 6 days and 9 hours left for the current weekly candle to close. The breakout region is circled on the chart, suggesting a potential continuation of the upward movement.

Source:
Sheldon The Sniper

The next big hurdle for Render is the $10 resistance level, about 71.50% above its current price. If the bullish trend continues, this level could be the next target for traders.

The resistance zone will likely see selling pressure, making it a key area to monitor. While the current trading volume seems moderate, indicating cautious buying, a strong push beyond $10 could pave the way for further gains.

Algorand (ALGO) Follows Suit

Like RNDR, Algorand (ALGO) has broken a downtrend, though on a daily time frame. Currently trading at around $0.1346, ALGO is facing two major resistance zones: one at $0.1549, a potential 15.55% increase, and another at $0.221, a possible 70.64% rise.

Source:
Sheldon The Sniper

These levels could make it difficult for upward movement, but support near the current price level may provide some stability.

At the time of writing, Algorand was priced at $0.133, down 0.21% in the past 24 hours. Even with this slight dip, Algorand saw a trading volume of $24.78 million over the past day.

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