RNDR price prediction suggests that the RNDR token is taking a rebound from the demand zone NEAR 200 EMA on the one day chart. The price is moving on an uptrend. Presently, RNDR price is making higher high and low patterns and it can soon take a pull back from the 200 EMA. If the price gains buyers support, it can soon make a 50% uptrend.
The technical indicators are showering an optimistic view regarding the near future of the Render token. The price is presently moving above the key EMA levels whereas the RSI line is making a higher high pattern. There is a decline in volume though the pattern indicates that it can make a volume breakout. The stochastic RSI is giving a contrasting view as it is taking resistance from the demand zone.
The present value of RNDR is $1.98 and it has a market capitalization of around $733.01 Million (press time).
Fall in Social Engagement Levels: RNDR Token
The social engagement level on lunar crush indicates that RNDR is not popular at present in the community across multiple media platforms.
The total bullish sentiment metric has surged by 33.42%, and a fall of 2.86% is apparent in the total social engagement level. The 24h volume with a decline of 7.3% is representative of the decline in trading activity among the investors.
Significant Hike in Greed Sentiment of Investors
Investor sentiments concerning the overall cryptocurrency market seem to be taking a bullish edge. The current value of the sentiment index is 57 points above the neutral zone. It is seeing a shortfall within a brief period as per the Alternative(dot)me platform.
RNDR Price Prediction: Technical Analysis on Daily Timeframe
The relative strength index (RSI) line is moving on an uptrend. The present value of the RSI is 47.54 points and the value of the 14-day SMA is 46.93 points. The RSI line is hinting at a positive turn of trend.
At present, the stochastic RSI is progressing toward the demand zone; it may soon breach the median line. The stochastic RSI is moving near 52.84 points.
Conclusion
As per the analysis, the RNDR token is taking a rebound from the demand zone on the one day chart. Investor sentiments regarding the overall cryptocurrency market are taking a bullish edge.
Technical Levels:
Support –$1.500
Resistance – $2.500
Disclaimer:
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2023/07/16/render-price-prediction-rndr-price-might-make-a-rebound/