- RNDR token shows an inverted wick near the supply range.
- Bulls are likely to go beyond the limits.
Render Token is at an exciting stage where bulls are looking to dominate, and bears are trying but unable to break the paradigm. Moreover, the chart pattern shows the bulls strength, and buyers have accumulated the token from the bottom mark of $2.400. The price action indicates strength.
Moreover, the RNDR token broke the congestion zone and traded above the significant moving averages. RNDR token was trading above the neutral marks and showed bulls dominance showing aggression. However, the token was in the corrective phase or showing correction in the past trading sessions. The lower highs and lower lows formation is shown on the chart.
When writing, the RNDR token is trading at $2.47 with an intraday gain of 3.33% showing buyers’ involvement and bears looking exhausted. However, bears are trapped, and buyers are likely to be beaten in the battle. Moreover, the trading volume shows a massive increase of 46%, leading to a huge addition of open interest from buyers.
Daily Charts Shows Bulls Dominance
On the daily charts, the RNDR token shows a breakout of the falling wedge pattern showing the bulls strength. However, buyers try to leave the higher top neckline of $2.500, but buyers lose the grip and drop again to the previous marks below $2.450. Moreover, the token could not scratch the multiple resistance and again entered into the congestion zone.
As per the Fib levels, the RNDR token trades above the 61.8% level and shows strength on the charts. Moreover, the price trades above the mid-Bollinger band and delivers positive outlooks.
The ongoing pattern shows that bulls are again retested at the swing bottom of $2.500 and ready to shine again, as there is a strong probability of a sharp rise in the token price based on the recent uptrend.
The token obtained a grip in the last few sessions, and bulls are likely to register a breakout after the retracement. A new higher high is yet to showcase on charts. Moreover, the dominating bulls look aggressive, and bears now fear missing out ( FOMO).
What RNDR suggests on short term charts
On the 4-hour charts, the token showed a volume surge by breaking the neckline of $2.200, and now the token is gaining traction.
The RSI is now floating above the neutral marks and staying in the overbought zone, whereas a positive crossover on the curve is also noted.
The MACD indicator tells something different based on the recent retracement; it shows bearishness but doesn’t last longer as moving averages converge.
Conclusion:
RNDR token is now at an exciting stage where bulls attain grip and maintain gains.
Technical Levels:
Support Levels: $2.200
Resistance Levels:$2.800
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.