Render Price Jumps 12%! RNDR Token To Rally To $6 Soon?

The post Render Price Jumps 12%! RNDR Token To Rally To $6 Soon? appeared first on Coinpedia Fintech News

After trading in a closed range for a while, the Render token has successfully regained momentum and has recorded a jump of 11.97% within the past 24 hours, making it one of the top gainers of the day in the crypto industry.

The Render token price traded in a narrow range between $3.743 and $3.947 for a while, following which the bulls gained momentum, and the token recorded a jump of approximately 18% in valuation. After facing rejection at $4.407, the RNDR price traded between $3.947 and $4.407 for the next five days.

TradingView: RNDR/USDT

As the market volatility grew, the bears overpowered the bulls and recorded a loss of 10.33%, but the bulls held the price strong above the support level of $3.539. This resulted in the Render token trading sideways for the next few days.

After multiple failed attempts to break out, the bulls successfully regained momentum and added over 29.3% to its portfolio within the next four days. Following this, the price traded in a consolidated range between $4.407 and $4.840 for a brief period, during which the price displayed significant price volatility.

The Render token then gained just enough momentum to break, after which the RNDR traded between $4.840 and $5.156 for a while. Recently, the bulls regained momentum and recorded a jump of approximately 12%, indicating a rise in the bullpower within the market.

Will RNDR Price Go Up?

The Moving Average Convergence Divergence (MACD) displays a constant rise in the histogram, indicating an increase in the buying pressure within the market. Further, the averages show a sharp rise, suggesting the price will continue gaining value in the coming time.

If the market holds the price above the support level of $5.450, the bulls will regain momentum and test its resistance level of $5.734 over the weekend. Maintaining the price at that level will set the stage for the Render token to attempt to test its upper resistance level of $6.00 in the upcoming week.

Conversely, if a trend reversal occurs, the RNDR price will lose momentum and fall to test its lower support level of $5.156. Moreover, if the bears continue to dominate the market, it will plunge and prepare to test its crucial support level of $4.840 this month.