- RNDR token price shown a golden EMA crossover and formed bullish continuation pattern
- RNDR token price jumped 249% on previous month and formed giant bullish candle
- Render token volume surges 105% in the last 24 hours
Render Token(RNDR) prices are trading with bullish cues and bulls are trying to regain the previous losses by bouncing back from the EMA support. However, the prices are overextended and might trade in the sideways range. Currently, RNDR/USDT is trading at $1.640 with an intraday gains of 6.29% and the 24-hour volume to market cap ratio stood at 0.5463
Will RNDR prices outperform in coming months?
Render Token(RNDR) price is in uptrend and rising upward by forming a higher high candle which brings the token into the spotlight of traders. In the mid of January, RNDR prices woke up from the sleeping mode and sustained the prices above the $0.500 level which further derived the positive momentum and prices shot up 249% in the short period of time. However, recently the token price took halt at $2.213 and witnessed a minor selloff from the higher levels.
Meanwhile, RNDR prices also sustained above the 50 and 200 day EMA which shows that the positional trend has turned in the favor of bulls and any dip towards the support level at $1.000 will provide a buying opportunity for the long term investors. However, the technical analysis shows that the prices are overextended and expected to enter into the wide range consolidation between $1.000 to $2.213 before deciding the further direction.On the other hand, if bulls succeed to break out of the higher range then it may rally towards $2.500 to $3.000 mark.
The technical indicators of the RNDR token like MACD has generated a negative crossover indicates mild bearishness and the RSI at 59 sloping sideways denotes prices are likely to trade in range in the coming days but the price action is still favoring the direction of bulls and expecting the the price to bounce back from the support level of $1.000. However, if price slips below the $1.000 level then bear’s might try to drag it down toward $0.500 level.
Summary
Render Token(RNDR) price has woken up from the sleeping mode and continues the upwards momentum which has created a hope for the long term investors .However,the technical analysis suggests that the prices seem to be overextended and expected to enter into wide range consolidation before deciding the further direction.
Technical levels
Resistance levels : $2.213 and $2.520
Support levels : $1.000 and $0.500
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.
Source: https://www.thecoinrepublic.com/2023/02/13/render-price-prediction-rally-just-began-more-up-move-possible/