The Render Token has been consistently showing a neutral trend, suggesting a balanced market with reduced buying and selling pressure. Notably, the Render price surged by around 8% in the last day, hinting at a potential reversal in its trend.
The Render price stayed within a range of $4.146 to $4.631 for a while, and then the bulls took charge, leading to a significant surge in the price.
RNDR Token’s Price Swings and Neutral Trend
Initially, the RNDR token witnessed a short-lived rally but faced rejection at $4.886. Subsequently, the price traded within a closed range of $4.631 to $4.886. Despite a 12% surge by the bulls, the RNDR price succumbed to bearish pressure, nullifying its gains. This led to a consolidated range between $4.407 and $4.886 for approximately a week.
TradingView: RNDR/USDT
As market momentum waned, the RNDR price underwent a correction, losing over 25% in valuation. Swiftly, the bulls regained control, resulting in a 20% jump in the price.
Presently, the RNDR price is confined to a consolidated range between $3.743 and $4.146, indicating a neutral trend in the cryptocurrency market. The fluctuations reflect the ongoing balance between buying and selling pressures.
RNDR Token Analysis: MACD Signals and Price Outlook
The Moving Average Convergence Divergence (MACD) is signaling increased buying pressure through a rising histogram. Consistent upward averages suggest a continuous rise in the RNDR token’s value in the upcoming days.
Should the bulls successfully push the price above the critical resistance level of $4.146, the RNDR price will likely test the upper resistance at $4.407. A sustained market hold at this level could prompt the token to challenge the next resistance point at $4.631.
Conversely, in the event of a trend reversal, leading to a loss of momentum, the price may drop to test the support level at $3.947. Further, if bearish dominance persists, a deeper plunge may occur, testing the lower support level at $3.743. Traders should closely monitor these key levels for potential market shifts.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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