Render (RNDR) has emerged as one of the biggest gainers in the cryptocurrency market recently, surging over 10% in the last 24 hours. The token has seen a significant boost in trading volume, rising by 22%, signaling a strong shift in market sentiment. As of press time, RNDR was challenging the $8.87 resistance level, and analysts are now considering whether the token could continue its bullish rally and reach $15 by the end of December.

Breaking Out of a Bearish Trend

Render’s recent price movement has been particularly notable as it broke free from a long-standing bearish trend. For much of the year, RNDR’s price had been suppressed by a descending trendline, forming a symmetrical triangle pattern. However, the recent breakout above this key level has shifted the market sentiment from bearish to bullish, with significant momentum behind the rally.

The MACD (Moving Average Convergence Divergence) indicator also confirmed the shift in momentum, with a bullish crossover as the MACD line surpassed the signal line. This crossover, combined with expanding volume bars, suggests that buying pressure is increasing, further strengthening the case for continued price growth.

Key Resistance and Price Targets

At the time of writing, RNDR is testing the $8.87 level, which is a key resistance point. If it can maintain its upward momentum, the next major resistance level lies at $13.82. Should RNDR break through this level, it could experience a brief period of price consolidation or a minor pullback before continuing its ascent.

Looking ahead, analysts see a strong possibility that RNDR could reach $15 by the end of December if the current bullish trend continues. Longer-term projections for the token’s price range between $20 and $30, driven by sustained buying interest and positive market dynamics.

Positive Inflows Indicate Growing Investor Confidence

An analysis of RNDR’s Spot Inflow/Outflow suggests increasing investor confidence. More money has been flowing into the token than out, pointing to heightened buying pressure. As of the most recent data, RNDR experienced a sharp spike in net inflows amounting to $2.91 million. This is a significant indicator of continued interest from investors, particularly in the wake of RNDR’s price rise to $8.87.

Periods of high net inflows have historically been followed by positive price movements, reinforcing the notion that an influx of capital tends to drive the price higher. If the trend of positive net inflows continues, Render could experience additional price growth in the near term.

Large Holders’ Impact on RNDR’s Uptrend

Since late October, there have been noticeable spikes in the netflow from large holders of RNDR tokens, aligning with the asset’s upward price movement. Specifically, large inflows peaked in early November, with more than 2.49 million RNDR being moved, which corresponded with a significant rise in the token’s price, briefly surpassing the $8.00 level.

While there have been occasional dips in netflow since these spikes, indicating some profit-taking or redistribution of tokens, the overall trend remains bullish. The continued buying activity from larger holders signals sustained interest, which is likely to propel the price of RNDR to higher resistance levels in the coming weeks.

Conclusion: A Bullish Outlook for RNDR

Render’s price has surged significantly in the past 24 hours, and with increasing trading volume and net positive inflows, the outlook for RNDR remains bullish. The breakout from its previous bearish trend and the continuation of positive buying pressure from both retail and large holders suggest that the token is well-positioned for further gains.

With key resistance levels at $13.82 and $15, and long-term price targets between $20 and $30, RNDR’s upward trajectory is supported by a range of bullish indicators. If the current trends in buying momentum and market sentiment continue, Render could see significant price increases by the end of December, with the $15 mark being a plausible target.