- RNDR is trading at $2.15, observing an increase of 4.36% in the last 24 hours.
- The price has made a rounding bottom pattern in the daily timeframe.
- Its price has increased by almost 60% in the last two months.
RNDR’s price marked its yearly high of $2.95 in the middle of May. After marking its yearly high, the price turned bearish and started a downtrend. Followed by the downtrend, the price reached a support level of $1.32. From there, the price took support and started moving in an uptrend. The performance of the token has reflected a positive rise of 44.68% in the last month. The price movement from the middle of July till today has made a rounding bottom pattern in the 1-day timeframe.
Presently, the price is trying to break above the neckline of the rounding bottom pattern, which will confirm the bullish rally ahead for the price. The price is likely to break the neckline as the volume increases and it is also above the 50-day and 200-day EMA, which shows bullishness in the price action.
The token marked an all-time high of $8.76 on 30th April 2021, and it is 75.46% down from its all-time high. The market cap of the token during the high was $1.21 Billion.
The trading volume has surged by 20% in the last 24 hours. The current circulating supply of the token is currently at 371.90 Million, which is 69.27% of the total supply. It has a current market cap of $806.35 Million.
Sentiment Analysis
The volume of the token has increased by 29% within a week. Its social dominance has also started rising as the community is now becoming active in the market. The bullish sentiments also surged by 10.97% as the price started increasing. The overall sentiments are positive and indicate a bullish price action.
Technical Analysis Of RNDR Token (Daily-1D)
If the price gives a breakout from this point and breaks above the resistance of $2.15 and sustains above it, then it will confirm the breakout. The price will turn bullish as soon as the price crosses above $2.25 to $2.31. In the bullish rally, the price can reach its yearly high or go even higher if the bulls maintain their dominance.
However, If the price gets rejected from the resistance level of $2.15, then the price can start a bearish move and come down to the levels of $1.86 to 1.91 or even lower to $1.72 or $1.80.
What Indicators Say About the RNDR Token
Relative Strength Index (RSI)
The RSI line is moving at 77.68 points and the SMA 14 is at 68.69 points. Both are above the neutral level, the RSI has already entered the overbought region. There is a selling pressure on the bulls but the bullish strength is currently dominating the bearish investors.
Moving Average Convergence/Divergence (MACD)
The fast blue line moving average is moving above the red slow line moving average showing a significant surge in the volumes shown in the histogram. The MACD indicates a bullish move as the volume is increasing.
RNDR LIVE CHART
Conclusion
The overall analysis of RNDR price indicates that the bulls are presently in control and dominating the bears. If the price closes above the resistance level of $2.15, then this resistance will act as a support and the price can start its bullish rally. However, If the price closes below the $2.15 level, then it will turn bearish.
Technical Levels
- Support Level: $1.86 to 1.91 and $1.72 to $1.80
- Resistance Level: $2.15 and $2.25 to $2.31
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.