RENDER TOKEN Price Prediction: Can the uptrend continue to $3?

• RNDR/USDT is up 23% from its recent swing low
• RNDR/USDT saw a gain of almost 600%  this year.

RENDER TOKEN is trading at $2.17. The price is down by 4.61% in the last 24H. The 24H trading volume saw a fall of 32%. The Total Market Cap is $801,095,983.

RENDER TOKEN had a very bullish start to the year. The price managed to surge by almost 600% while creating an all-time high of $2.9. After that, the price saw a pullback of almost 38%. The Bulls stepped in to push the prices up by 30%. RNDR is trading above the Daily 200 EMA justifying its uptrend.

The Price appears to be in an uptrend.

The Daily chart shows that the price is taking the support of an ascending trendline. Things got scary as the price sipped out of this trendline. The bears got trapped as the buyers pushed the prices above the trendline. The uptrend remains intact as long as the price holds the trendline. 

RNDR Seems to be getting a rejection at the resistance of $2.40. The bears are trying to create a lower high which will disrupt the bullish market structure. If the prices slide down to $1.69, the market sentiments may change. This potential downward move can contribute to the formation of a head & shoulders and this will make the market bearish.

The 4h Chart shows a moderate recovery.

The 4H chart tells that the bulls are managing a decent recovery from the swing low.  The price is supported by a trend line and the buyers are pushing the prices as it comes back to the trendline. RNDR has flipped the 200 EMA again as the price is currently retesting it. A continuation of this uptrend can result in RNDR hitting $3 soon. 

There are two scenarios from here. Firstly, the price can get a retest of the 200 EMA and continue its journey up with resistance ahead at $2.413. Else, the bears can drag the price down below the trendline and the market can expect a fall of 20% before finding support near $1.65.  

RSI: The RSI indicator is currently at 52.35 on the 4H and the RSI has Crossed the MA line towards the downside. This indicates bearish to sideways conditions.

MACD: The MACD indicator made a bearish crossover and the histogram is turning red. Although the indicator is above the 0 line, the Price can become bearish in the short term.

200 EMA:  The Price is trading very Close to 200 EMA and will have to wait before choosing a side.

Conclusion:

RENDER TOKEN is trading in an uptrend but the current market structure suggests a probability of consolidation. RNDR has managed to serve excellent profits for investors since January. Therefore, the market can witness a consolidation due to profit booking. The bullish trend remains intact as long as the price remains above the daily 200 EMA. Investors must closely watch $1.65. This is a critical support and if breached, the market can collapse further. 

Technical levels

Support Levels: $1.65 – Support 1

    $1.28 – Support 2

Current Price: $2.17

Resistance Levels: $2.41- Resistance 1

          $2.89 – Resistance 2

Disclaimer 

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