Will Bulls Stretch Rally Towards $10?

The Render (RNDR) token has delivered a massive surge this week – 30%, reflecting bullish momentum on the charts. Furthermore, the token has escaped a major hurdle and unlocked a path to the 52-week high mark near $8, which the bulls are likely to catch in the following sessions. 

RNDR token price has highlighted buying momentum and reached the bullish trajectory, trapping sellers and triggering panic short covering activity. Additionally, buyers made fresh long positions, which led the token to rally over 50% this month. The trend is intact, and buyers are targeting to stretch the rise beyond $7.

The Render token (RNDR) price was $5.07 at press time, with an intraday drop of 2.14%, showing bullishness on the charts. Moreover, the trading volume increased by 10.25% to $264.24 Million. The pair of RNDR/BTC is at 0.000119 BTC, and the market cap is $3.33 Billion. Analysts are bullish and suggest that the Render (RNDR) crypto price will continue to extend gains and may retest $8 soon.

Render On Daily Chart Displays Rounding Bottom Pattern Breakout

On the daily charts, the token has delivered a remarkable upward move and diminished the trajectory hurdle of $5, which pushed the token toward $6. Followed by the market surge, the token replicated signs of institutional buying, and massive buying momentum was noted. From the 100-Day EMA, a significant bounce was glimpsed, which was a critical support level.

Technicals suggest that the rally will extend to the coming sessions. The RSI curve is in the overbought zone and shows a positive divergence, suggesting an upside for the short term while the MACD indicator shows a bullish crossover and a green histogram.

RNDR On Weekly Chart Exhibits Rising Channel Formation

On the weekly charts, the token has delivered a sharp spike from the lows of $1 and noted bullish momentum. The price action signifies massive long additions and reveals a rising parallel channel that has showcased higher high formations in the past weeks. Per the Fib retracement levels, the token has exceeded the 61.8% zone, revealing an uptrend on the charts. The token will continue to boost the gains and will reclaim the highs of $8 soon.

Summary

The render token (RNDR) enlisted a major breakout and sharply rose above the neckline of $5, fetching $6 in the last sessions. Moreover, the trend is bullish, and the token is poised to carry forward the rally toward $8 and will continue to deliver a bullish rally in the following sessions.

Technical Levels

Support Levels: $6 and $5.50

Resistance Levels:$7 and $7.90

Disclaimer

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

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.