 price has experienced significant volatility, with a recent intraday loss of 10%. The trading volume has increased){kind=link}
- The trading volume has jumped by 67% in the past 24 hours.
- Render crypto price is up by 46% this month, showing buyers’ domination.
Based on the chart structure, the Render crypto price has performed positively and has gained more than 2500% since the beginning of 2023. The RNDR price reached an all-time high in mid-March but failed to sustain it and witnessed a slow and steady fall of 47%.
As we can see on the chart, the RNDR price has been taking support on the $7 mark since March. It has formed a hammer candlestick pattern and displayed strong buying pressure of around 50% in 2 weeks. Buyers attempted again to lift the price to a new all-time high but failed.
Turning to the technical indicators, the MACD has generated continuous green histograms, and the Signal and MACD lines have jumped over the Zero line, demonstrating the buying momentum. The Render price traded far over the 200-day EMA at the press time, indicating the bulls’ strength.
RNDR Price Has Formed a Double-Top Pattern; Profit Booking Expected?
The overall trend is bullish and has witnessed an enormous positive change in a year. The price seems to have failed to sustain the $11 hurdle and melted to the 20-day exponential moving average.
Suppose the Render price takes support on the 20-day EMA and bounces back; the buyers may enjoy the dip. If the price manages to sustain itself over the previous candlestick, it may continue the bullish trend.Â
On the other hand, if the crypto asset price slips below the 20-day EMA, sellers may eye the major support level of $7. If it starts trading below the major support level, most investors may prefer to book profit, which may result in strong selling pressure.
When writing, the RNDR price traded at $10.18 with an intraday loss of 10%. The market capitalization is $3.96 Billion, and the 24-hour trading volume is $484.13 Million. The circulating supply is 388,643,224 RNDR, and the total is 532,070,164 RNDR.
Price vs Development Activity Analysis
As per the given data, the development activity has decreased in the past few hours, which has helped lower the price. If the development activity occurs in the Render crypto, it may impact the price positively.
Conclusion
The Render (RNDR) price has experienced significant volatility, with a recent intraday loss of 10%. The trading volume has increased, and the price has shown strong positive momentum despite a recent pullback.
Technical indicators suggest a bullish trend, but there is a possibility of a double-top pattern forming, indicating potential profit booking. The price levels to watch are $11.25, $13.50 for resistance, and $9.25, $7 for support. It’s important to note that this information is for informational purposes only and not financial advice.
Technical Levels
As per the chart structure, the Render price may face resistance from the $11.25 and $13.50 marks. The digital asset price may take support on the $9.25 and $7 levels.
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.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.