RNDR price displayed a rising parallel channel and is stretching the up move, redirecting bullish sentiments in the recent sessions. Moreover, the price action exhibits the buyers’ accumulation. RNDR token has slowed down near the 20 day EMA support zone. However, the RNDR token has surpassed the round mark of $5 and displayed bullishness in the past number of sessions.
RNDR price is trading above the key moving averages and is displaying an uptrend on the chart. Per the Fibonacci retracement zone, the RNDR token has sustained gains above the 50% zone and is close to the 61.8% zone, reflecting that short sellers are celebrating the gains. In contrast, short buyers are anxious due to the past sessions’ rally. Amid the market indecisiveness, the RNDR token has surged over 210% and is still spraying gains.
The live price of the Render token(RNDR) coin is $114.45, with an intraday gain of 12.83%, showing bullishness on the chart. Moreover, the trading volume increased by 5.78% to $3.41 Billion. However, the pair of RNDR/BTC is at 0.00250 BTC, and the market cap is $49.24 Billion. Analysts have maintained a bullish rating, suggesting the RNDR price will continue to surge in the following sessions.
Daily Chart Displays Rising Parallel Channel
On the daily chart, the RNDR price showcased a rising parallel channel and demonstrated a higher high swing in recent sessions. Moreover, the technicals suggest that the RNDR token could further extend the short-covering move and will gain pace soon above the immediate hurdle of $5.30, the immediate resistance zone.
The relative strength index (RSI) curve stayed above the midline above 65, showing a negative crossover that reflects volatility on the chart. The MACD indicator showed a bullish crossover and formed green bars on the histogram, suggesting that short-covering moves could continue in the upcoming sessions.
Weekly Charts Depicts Trend Reversal
On the weekly chart, the RNDR price showcased a rebound and healed from the lows in the recent sessions. Moreover, the price action exhibits the follow-on buying momentum, where sellers are trapped, and buyers lead on the front. Additionally, the RNDR token has displayed a bullish crossover, and investors are showing their interest and have gained strength.
Summary
RNDR token price has rebounded and climbed above neutrality, displaying buying momentum on the chart. Moreover, the price action reflects the higher high swings, and buyers are putting efforts to resume the rally and are targeting to reach the sweet spot of $6.
Technical Levels
Support Levels: $4.80 and $4.50
Resistance Levels: $5.30 and $6
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
Source: https://www.thecoinrepublic.com/2024/01/02/rndr-price-prediction-will-rndr-carry-forward-bull-rally-to-10/