Render Token has resumed bullish after correcting lower for three weeks. Following the latest green across the space, it currently occupies the top-gainer spot with a 20% surge over the past 24 hours.
While most altcoins have been on a steady decline for the past month, RNDR recovered above $1 in March and maintained upward movement till it peaked at $2.6 late last month, returning over 150% profits in two months.
Exhaustion set in for the token with multiple rejections around that peak price. It entered a correction mode and lost over 30% of its value in three weeks. However, this correction provided a big discount and a buying opportunity.
Last week, the buyers took advantage of the low-price level – $1.64 – and started to push high. They encountered resistance at around $1.9 last weekend and later push through with a strong buy this week. It tapped $2.4 today but slipped a bit due to a slight rejection.
If the token charges back to retake the rejected level, it will have to face last month’s resistance level for a breakout. There are no signs of bears in the market right now.
In the past week of trading, RNDR increased by 38% after adding almost $260 million to its market cap. If volume inflow increases by the day we can expect more positive actions to take place in the next couple of days.
RNDR’s Key Levels To Watch
Following recent recovery, which is fully reaching the May resistance level of $2.6, a push above that resistance level could bring the price to the test of $3 and perhaps $3.4 in the coming days.
The temporal stopover at $2.4 could trigger a small pullback to $2.2 and potentially $2. The major support is held at $1.64 in case of a dip.
Key Resistance Levels: $2.6, $3, $3.4
Key Support Levels: $2.2, $2, $1.64
- Spot Price: $2.3
- Trend: Bearish
- Volatility: Moderate
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
