Render Token Price surged 20%; Will RNDR Price hold $2 breakout?

• Render Token Price surged 20% approx in a single day.
• RNDR Price sustains above 50 and 200 day EMA showcase uptrend. 
• Render Token Price breakout $2.00 hurdle and formed a bullish pattern.

Render Token Price surged 20% approx in a single day and formed a bullish continuation pattern. It broke out of the $2.00 hurdle with a strong momentum and racing toward its previous swing high. 

RNDR Price sustains above 50 and 200 day EMA shows positional trend is in the upward direction. In the last 24 hours, Trading volume also increased by 99% indicating some genuine buyers had taken long positions. 

Render Token Price performed well in the past few months and generated decent returns for the long term investors. It also displayed a golden crossover and prices continue to rise by forming higher high swings. 

Render token Price trading at $2.295 with an intraday decline of 0.35%. The 24 hour volume to market cap ratio is 0.2995. The pair of RNDR/BTC is trading at 0.0000857 with an intraday rise of 2.02%. 

The chart structure of the Render token with the BTC pair is forming quite a similar pattern to the USDT pair. It shows buyers are active on both the pairs and the rally may continue in coming months. 

At the mid of April, RNDR price took support near $1.600 and witnessed strong buying from the lower levels. Later, Prices rallied 60% approx and hit a swing high at $2.603. However, the buyers failed to hold the higher levels and minor profit booking was also visible.

Will Uptrend Continue in Render Token Price?

Render Token Price Prediction favors the bulls and suggests a rise in the long term.

It defends the $1.600 support and again attempts to break out of the previous swing high. If the buyers succeed to push the price above $2.600, more upside will open up for bulls. 

It will boost the confidence of investors and prices likely to reach $3.295. However, if the price faces rejection then the prices might consolidate for some time in the range between $1.600 to $2.600. 

On the other hand, if the RNDR token price drops below the $1.600 then we might say that short term correction has begun. The technical analysis suggests, Render Token Price is in uptrend and any short term correction will have high probability of bounce back. 

RNDR Price bullish on multiple time frame

RNDR Price formed a bullish engulfing candle on a weekly time frame. It shows the buyers dominance on higher levels and price is bullish on multiple timeframes. 

The technical indicators like MACD have generated a fresh positive crossover and histogram bar is on rise. It increases the probability of sustaining the $2.00 breakout is high and momentum might continue. The RSI at 61 denotes strength of bulls and more room for upside is open.

Conclusion

Render Token Price surges 20% approx on a single day and formed a bullish pattern. RNDR price is turning bullish on multiple time frames and attempting to break out of the previous swing high. The technical analysis suggests, Render Token Price is in uptrend and prices likely to sustain the $2.00 breakout. 

Technical levels

Resistance levels: $2.600 and $3.295

Support levels: $1.600 and $0.878

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.