- The market capitalization has increased by 10% in the past 24 hours.
- Render crypto price has surged by 20% in the last three days.
Render price have been on a bearish trend for the past few weeks and have been falling due to resistance from a trendline. The price has been taking support on the major support level of $7 for the last three times and has gained bullish momentum. The asset price has taken support from the $7 and extended to the 20-day exponential moving average.
RNDR’s price witnessed strong buying pressure from the beginning of 2023, which led to an all-time high of $13.83 on March 17, 2023. After its all-time high, investors preferred to book profit, which resulted in a slow and steady fall in the price. The RNDR crypto has lost around 50% during the profit booking in the past 45 days.
At press time, the Render price traded at $8.40, which gained 1.95% in an intraday session. The market capitalization is $3.25 billion, and the trading volume is $148.80 million. The fully diluted market cap is $4.50 billion, and the circulating supply is 386,976,473 RNDR.
Render Price Near Breakout Zone; Ready For Shoot-Up?
Render price has taken support on the major support level of $7 and shows a bullish sign. The price formed a descending triangle pattern in a daily time frame and surpassed the 20-day EMA with buying momentum.
Suppose the digital asset price triggers a breakout from the descending triangle and sustains over the $9.50 mark; buying momentum can be expected. Buyers may be eyeing a new all-time high if the trading volume supports this buying momentum.
On the other hand, if the price shows price rejection from the trendline with any bearish candlestick, the price may melt to the major support level. Suppose the RNDR crypto price slips below the $7 mark, and selling momentum can be generated.
RSI is 50 which favors bears forecast for a month. Recently, it has generated a golden crossover between the RSI and the RSI-based moving average, indicating the buying signal. RNDR crypto price struggled between the key moving averages, but recently, it triggered a b breakout, showing a bullish forecast.
Price vs Volume Analysis
Since mid-April, the trading volume has decreased by approximately 80%, and the price has also decreased.
For the last four days, the RNDR price has gained bullish momentum but wasn’t supported by the trading volume. If the trading volume doesn’t increase, the recent breakout may turn into a fake one.
Conclusion
Render crypto price has been showing bullish signs by taking support on the major support level of $7 and surpassing the 20-day EMA with buying momentum. If the price triggers a breakout from the descending triangle and sustains over the $9.50 mark with supported trading volume, buying momentum can be expected, which may lead to a new all-time high. However, selling momentum can be generated if the price is rejected from the trendline and slips below the major support level of $7.
Technical Levels
Resistance: $9.30 & $11.75
Support: $7.00 & $4.80
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.