NewsletterRender Price Analysis Today: Buyers in Control Set the $RNDR Price Rally to $3.3; Buy Now?
Render Price Analysis: In the daily time frame chart, the Render token price showed the formation of a rounding bottom pattern. This chart pattern development often reflects bottom formation in an asset and the start of a new uptrend. The series of new higher highs and higher lows observed in the price action reflects the buyers regained trend control and may carry a sustained recovery rally.
Also Read: Top 3 AI Crypto Coins That May Follow Nvidia Price Rally in June 2023
Render Price Daily Chart
- A long-coming trendline governs the ongoing recovery rally in Render coin
- The $2.45 resistance breakout has set the coin price for a 24% rally
- The intraday trading volume in RNDR is $131.5 Billion, indicating a 37% gain.
Source- Tradingview
On May 23rd, the RNDR coin price formed a massive breakout from the last swing high resistance of $2.45. This breakout offered buyers a strong springboard to prolong the bullish recovery rally.
After a minor retest, the coin price bounced back from the $2.45 flipped support and surged 8.3% higher to reach the current price of $2.67. With sustained buying, the buyers may drive the Al crypto 24% higher to hit the next significant resistance of $3.3, followed by $4.3, $6.5.
However, in case of an occasional pullback, the potential buyers can use the ascending trendline to accumulate this coin.
Will Render Price Ready to Hit $3.3?
The formation of a rounding bottom pattern has set the RNDR price on a steady recovery path. Moreover, the recent breakout from the last swing top of $2.45 signals that buyers are ready to reach the higher chart. If the bullish momentum persists, the technical chart shows no major resistance till the $3.3 mark.
- Bollinger Band: The upper band of the BB indicator challenge on the upside project the bullish momentum is aggressive.
- Moving Average Convergence Divergence: A steady rise in the weekly MACD indicator indicates an established uptrend in the Render coin.
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