- Render price is showing a rejection from the 20-Day exponential moving average.
- RSI has retested the RSI-based moving average and is declining steadily.
According to the technical chart, the Render crypto price has witnessed a directional momentum and registered a new all-time high of $13.64 on March 17, 2024. The price has faced resistance from the $13 mark and has declined by 17.48% in 4 days. A week earlier, the sellers tried to drag down the price below the $10 mark but buyers managed to defend. Yesterday, the price took support on the 20-Day EMA and rose by 16% in just 24 hours.
For the last few days, the Render price has been facing resistance from the $12 mark and is currently falling for the $10 mark. On March 17, the price was up by 26% in just 24 hours but failed to sustain and further performed negatively. Overall, the Render price has failed to sustain over the $12 mark.
When writing, the Render price was trading at $11.04 with an intraday loss of 5.19%. The market capitalization is $4.23 Billion and according to the market cap, it ranks 30th in the cryptocurrency market. The 24-hour trading volume is $659.43 Million and the fully diluted market cap is $5.95 Billion.
Render Crypto Price vs Volume Analysis
According to the graph of price and volume, the trending volume has had a mind-blowing elevation since February which has led to a bullish momentum. The trading volume has decreased from $1.10 Billion to $659 Million in the last 2 days and the price has also declined by 18%. Further fall in the trading volume may leave a negative impact on the price.
Render Crypto Social Dominance vs Social Volume Analysis
The graph of social dominance and social volume has increased for the last few months and the price has also witnessed buying pressure. For the last few days, the graph of social dominance and social volume has declined which may affect the price negatively for the next few days.
Will The Render Price Extend to the $15 Mark This Month?
BINANCE: RNDR/USD 1-Day Chart By TradingView
Render crypto price continues to trade under a strong bullish influence and has been struggling between the $12 and $10 levels for the last 2 weeks. For the last two days, the price has managed to defend the 20-Day exponential moving average which indicates that buyers are not going to lose hope easily.
Suppose the Render token price fails to defend the $10 mark and sustains then the investors may prefer to book profit which may result in a selling pressure. If the sellers show interest below the 20-Day EMA then the price can be melted to the support level of $6 in a few weeks.
Alternatively, if the Render price bounces back and sustains over the $12 mark then buyers may show interest in the dip which may result in a pullback. If the price surpasses the $13 mark, it may reclaim a new all-time high and approach the $15 hurdle.
Based on the technical indicators, the Render token price is trading over the 20-Day EMA which indicates that buyers are strong. RSI is at 54 and declining to the oversold zone which shows that buyers may lose momentum. Overall, the clash between buyers and sellers is going on.
Render Price Prediction on 4-H Timeframe
In a 4-H time frame, the Render crypto price has been struggling in a parallel channel and taking support on the 100-day exponential moving average. If the price manages to sustain the 100-Day EMA and surpasses the $13 mark then buying momentum can be expected for the short term.
Suppose the RNDR price slips below the 100-Day exponential moving average and sustains then panic selling can be seen which may trigger strong selling pressure. Below the $10 mark, it may be difficult for the buyers to dominate again.
Conclusion
It seems like the Render token price is currently at a crucial point, with the $10 mark being a key level to watch. The price has been struggling between the $12 and $10 levels, and it’s important to see whether it can defend the $10 mark. If it fails to do so, more selling pressure is likely with a potential decline to the $6 support level.
Technical Levels
Resistance Levels: $12.00 & $13.25
Support Levels: $10.00 & $8.00
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.