RNDR token shows consecutive buying gained by 31% in the last 3 trading sessions. The trendline breakout gave momentum to bulls to surpass the resistance mark of $1.580. The token passed the range, but sellers aggressively threw it back, and the price paused.
RNDR was traded above the significant moving averages, which showed bullishness. However, the chart pattern showcased a rising wedge formation which tells that if the price breaks below $1.3000, then the trajectory mark of $1.000 will be tested.
On the other hand, the price is scratching the upper Bollinger band, which holds above the resistance mark. If follow-on buying in the token arises, then a trajectory high of $1.780 is the nearest level to test.
When writing, the RNDR token trades at $1.56, gaining 1.50% in the intraday session. However, the pair of RNDR/BTC is at 0.0000521 satoshis, and the trading volume showed a massive spike of 39% in the last trading session. The consecutive buying in the previous three trading sessions indicated that investors made the token’s long buildup.
Render tokens on daily charts
The RNDR token outperforms the past days on the daily chart and attains an upside swing. Buyers showed aggressive muscles from the start of 2023, and the token broke its consolidation range and register breakout.
The price rally in the first phase of 2023 showed the interest of investors in the token and retested its previous swing of $2.000. Afterward, the token goes through with retracement, and sellers make profit booking, but RNDR maintains to trade above 200-day EMA. RNDR bounced from its primary support of 20-day EMA and is willing to break its immediate hurdle of $1.80.
Render token price in the hands of bulls in the recent trading session, and the surge with volume spike showed the intention of investors. Moreover, the Fib levels indicate that the token is stopping near the important 61.8% level, which acts as a barrier for now. Bulls will gain more strength if the token trades above $1.7000.
RNDR token short-term view
On the 4-hour charts, the RNDR token claims bullishness with a volume rise. The RSI is retracing from the overbought region and holding near 70. Moreover, the RSi reflects positive divergence, leading to a breakout in the recent trading session. However, the token holds its breath, indicating the bulls’ solidity early.
The MACD indicator continues to rise and forms green bars on the histogram.
Technical Levels:
Support Levels:$1.800 and $2.000
Resistance Levels:$1.300 and $1.170
Conclusion:
Render token is attaining traction with a rise in volumes spreading the gains in the recent sessions. The bulls are gaining their muscles, persist in gaining and meet immediate hurdles.
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.
Nancy J. Allen is a crypto enthusiast and 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.
Source: https://www.thecoinrepublic.com/2023/04/12/render-token-price-prediction-will-rndr-hold-the-momentum-further/