Render Token rose by more than 14% intraday, stretching the bullish breakout formed after taking support at the primary support level. The trading volume displays ascending buyer interest suggesting the price rally may continue for a few more days. The uptrend established a positive outlook for RNDR price and supported the bullish momentum. The projected momentum can reach for higher price levels, and in the longer time frame aim to mark a fresh all-time high (ATH).
The Pictorial
RNDR price observed a surge of more than 45% since taking support at $1.630 and rising to higher price levels. The rise in price paints an optimistic image for the Render Token. The Bollinger Bands diverge widely to indicate market volatility due to the recent rise in price. The current price action takes place above the EMA ribbon indicating bullish momentum in the market.
The rise in RNDR price makes the OBV rise indicating a favorable market and a flush of positive sentiments among the investors. The MACD undergoes a bullish divergence and records ascending buyer bars in the region above the zero-histogram mark. The RSI reaches the overbought zone, mirroring overwhelming buyer influence. The overbought RSI also highlights the chances of a temporary price reversal soon.
In Recent Hours
In the four hour time frame, Render Token marked an uptrend. The volume matched the rise by indicating increasing buyer interest. The EMA ribbon forms a positive cross, influencing the price action. The MACD widens the bullish crossover and records increased buyer participation. The RSI after a temporary drop, rises back to higher ranges in the overbought zone. The bullish indicators hint at extended bull run for the coming days.
Aiming for All-time High?
At press time, Render Token is valued at $2.33, with a bullish momentum in the price action. If the prices move matching the projected price level, it may aim to mark a new all-time high by the end of 2023. In the weekly chart, the price rises and breaks a sideways consolidation phase. The price can form a parabolic curve rising to the target level with brief sideways movements at intervals.
The recent rally in RNDR price penetrated the 0.236 level in the Fib retracement. With the same momentum, it could soon capture the remaining levels and reach the present ATH at $8.76. If the prices reach beyond this level, it may yield an ROI of 277.68% in a year’s time.
Conclusion
Render Token currently moves under bullish influence and can aim for higher price levels. The weekly time frame suggests the price action could be set for the ATH price level with a bullish swing. The trading volume shows a buyer dominant market, supporting the predictions of a bull run. The four hour time frame indicates a bull-controlled market that overcame the temporary price reversal and is set for another upsurge.
Technical levels
Support levels: $2.805 and $2.655
Resistance levels: $1.630 and $1.270
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.
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
Source: https://www.thecoinrepublic.com/2023/04/27/rndr-price-prediction-render-token-plans-another-surge-for-2023/