• 29 May, 2024
News

Bulls and Bears Clash as RNDR Faces Critical Resistance

The Render (RNDR) token has been riding a strong recovery rally for nearly two months, exhibiting a consistent pattern of higher highs and higher lows. However, as history often serves as a guide in the world of cryptocurrency, it appears that the current uptrend may be nearing exhaustion. RNDR has surged an impressive 50% since its low point on September 1, and it even managed to realize the projected 10% gains forecasted from October 12. Nevertheless, caution is warranted as the Relative Strength Index (RSI) approaches a multi-month peak.

The three-day chart for the RNDR/USDT trading pair reveals an interesting pattern. In three out of four instances when the RSI approached the 70 level, it faced rejection, subsequently heading southward. This trend suggests that bulls may be booking early profits before regrouping for another potential push. For those who entered RNDR at the swing lows of $1.277, $1.474, and $1.715, the temptation to take profits may be growing.

The fate of the ongoing uptrend now hangs in the balance, and much depends on the actions of the bulls. If sellers gain the upper hand, RNDR’s price could dip below the immediate support at $1.715 or even breach the $1.474 support level. In a worst-case scenario, the slump could extend to the $1.274 mark, potentially signaling the initiation of a fresh downtrend.

Nonetheless, the technical indicators still tilt in favor of the bulls. The RSI continues to hover above 50, indicating strong momentum, while the Awesome Oscillator (AO) histogram bars stay positive, displaying a vibrant green color, suggesting potential for more gains.RNDR  is currently trading at $1.92 with a trading volume of 32.5M and a marketcap of 712.9M.

Should buying pressure intensify above current levels, RNDR’s price may successfully break through the immediate resistance at $2.250. A convincing breach and close above this level would invalidate the bearish outlook. For investors eyeing long positions in RNDR, it may be prudent to await confirmation above the psychologically significant $2.500 mark.

In an exceptionally bullish scenario, the upward trajectory could extend, with RNDR’s price surging past the equal highs at approximately $2.806. Such a move would signify an impressive 45% climb from its current levels. As traders navigate these critical junctures, a blend of caution and optimism seems to be the order of the day for RNDR enthusiasts.

Fidelity's ETF Amendments and Altcoin Trends Amid Bear Cycle Read Previous

Fidelity's ETF Amendments and Altcoin Trends Amid Bear Cycle

Uniswap's Rising On-Chain Activity Amid Fee Introduction Reflects Market Dynamics Read Next

Uniswap's Rising On-Chain Activity Amid Fee Introduction Reflects Market Dynamics