The post Render Price Struggles To Break Out Of Its Key Level! Will RNDR Token Bounce Back? appeared first on Coinpedia Fintech News
The Render Token constantly displayed a neutral trend, highlighting a decline in the buying and selling pressure in the market. Further, the Render price jumped approximately 8% within the past day, indicating a possible trend reversal for the token.
The Render price traded in a consolidated range between $4.146 and $4.631 for a period, after which the bulls gained momentum and the price surged.
However, the rally was short-lived as the token faced rejection at $4.886, following which the price traded in a closed range between $4.631 and $4.886 for a while.
TradingView: RNDR/USDT
After this, the bulls jumped approximately 12% in valuation. The RNDR price started trading under a bearish influence and erased all its gains. Following this, the price traded in a consolidated range between $4.407 and $4.886 for about a week.
As the market lost momentum, the RNDR price recorded a correction of over 25% in valuation. The bulls quickly gained momentum, resulting in the price experiencing a jump of approximately 20%.
Since then, the price has been trading in a consolidated range between $3.743 and $4.146, indicating a neutral trend in the crypto market.
Will RNDR Price Regain Value?
The Moving Average Convergence Divergence (MACD) displays a rising histogram, indicating an increased buying pressure in the market. Further, averages show a constant rise, suggesting the price will continue gaining value in the coming days.
If the bulls push the price above its key resistance level of $4.146, the RNDR price will test its upper resistance level of $4.407. Moreover, if the market holds the price at that level, the Render token will attempt to test its resistance level of $4.631.
Negatively, if a trend reversal occurs, the price will lose momentum and fall to test its support level of $3.947. Further, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $3.743.