Render Token Price jumped 12%, More rally possible in RNDR Price?

Render Token Price surged 12% every week.
RNDR Price is sustained above the 50, and 200-day EMA showcases an uptrend.
Render Token witnessed a spike in buying volume.

Render Token Price surged 12% weekly and is up by 45% in the current month. It was a gratifying month for the Render token investors. RNDR’s price is nearly two months high and trying to break the $2.00 hurdle. However, the confirmation of the breakout is still awaited.

Render Token Price displayed golden crossover and price sustaining above 50 and 200 days EMA. It showcases short-term as well as long-term trends in the upward direction. Render crypto has witnessed a massive spike in buying volume, and prices follow the same direction. It indicates genuine buyers had taken a long position and expected the RNDR token to generate more returns in the coming months.

Render token price is trading at $2.007 with an intraday rise of 1.41% and a 24-hour volume-to-market ratio of 0.3234. The pair of RNDR/BTC is trading at 0.0000677 with an intraday rise of 0.74%. The chart structure of the Render token in the BTC pair is also bullish and rising upward with positive momentum. Coming back to the USDT pair, At the beginning of March, RNDR price showed minor profit booking, and prices dropped below the $1.500 support.

Will the Render Token Price hold the $2.00 level?

RNDR/USDT daily chart by TradingView

The Render Token price was corrected by 55%, approximately from the swing high of $2.194. The downfall was temporary, and the price stopped near $1.00. RNDR price formed a bullish hammer candle from the demand zone, which showed the initial signs of the trend reversal.

Render Token price recovered and succeeded in climbing above the 50-day EMA. RNDR price consolidated for a few days in the narrow range, but luckily it broke and expanded the range upward. Currently, the Render Token price is near the supply zone of $2.00 and is likely to hold the higher levels for further momentum.

RNDR price is in strong Uptrend

RNDR price is in a strong uptrend. If bulls hold the $2.00 level, buyers may quickly push the price to $3.00. However, if the Render token price faces rejection, it might consolidate for some time between $1.500 to $2.200. Technical indicators like MACD generated a positive crossover. It indicates bullishness and momentum might continue. The RSI at 75 denotes the strength of bulls but is near overbought territory.

Conclusion

Render Token Price performed well in the past few months and generated nominal returns for its long-term investors. RNDR’s price gained 12% in the current week and is trying to sustain the price above the $2.00 level. The technical analysis suggests Render Token price is in the bull’s grip. If it holds the $2.00 level, more upward momentum is possible in the coming months.

Technical levels

Resistance levels: $2.200 and $2.500

Support levels: $1.500 and $1.000

Disclaimer

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

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing