RNDR Price Prediction: Breakout in Render to Face Rejection Soon?

Render Token continues to move in a bullish swing, after gaining the momentum post-breakout. The RNDR price swells by about 14% in the intraday session, marking a bullish outlook for the token. The bullish rally started to form after breaching the pennant pattern, marking a rise of about 55% since then. However, analysis suggests that the RNDR bulls should prepare for resistance.

The Pictorial

RNDR price broke out of the pennant pattern and surged over several trading sessions. The pennant pattern was formed when prices marked higher-lows and lower-highs in the past few weeks. The present rally observed a rise of about 55%, and is holding near $1.96 at press time. RNDR bulls are projected to face resistance near $2.00, before setting up for another bull run.

The trading volume of Render Token saw a spike of 130% in the past 24 hours. The EMA ribbon formed a bullish crossover, giving momentum to the bullish trend. The rising OBV suggests the market is favorable for Render Token. The diverging Bollinger Bands highlight volatility in RNDR price.

The bullish influence began from mid-March, breaking the brief bearish trend, according to Super Trends. The CCI moves in the 170-range suggesting a positive difference between the current price and historical prices of RNDR. The RSI shoots to the overbought zone, suggesting that the buyers are overwhelmed. It also hints at the possibility of a price reversal. The MACD diverges wide under the bullish trend and records ascending buyer bars suggesting increasing buyer interest in Render Token.

The Peephole

RNDR price in the shorter time frame suggests a slightly staggered rise, as the sellers actively participate to book profits amid rising prices. Super Trends show a robust uptrend forming after the present rise of about 14% intraday. The CCI spikes up to reach beyond 300 range, suggesting an overvalued price gap, which can correct soon. The RSI goes flat in the 75-range, signaling a possible price reversal. The MACD undergoes a bullish divergence and records tall buyer histograms in the region above the zero-histogram mark.

Conclusion

The Render Token is under bullish influence after breaking out of the pennant pattern. The price rocket could encounter resistance near $2.00 and correct briefly. The indicators are bullish for the token. Holders should watch out for a rejection near the resistance level.

Technical levels

Support levels: $1.200 and $0.975

Resistance levels: $2.000 and $2.150

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.