Is It Too Late to Buy Render? RNDR Price Rockets Up 6% as Launchpad Crypto Platform Secures $1.6 Million in Funding – 5-Day Countdown Begins Now
The Render Token (RNDR) faced rejection yesterday after attempting to break past the resistance zone between $1.482 to $1.503. This move came on the heels of surpassing its 20-day EMA yesterday with a 6.22% move to the upside.
However, RNDR was unable to sustain the upside momentum, dropping 1.89% and indicating that additional consolidation may be needed before its next substantial move to the upside.
Looking at key technical indicators, the 20-day EMA currently stands at $1.440, the 50-day EMA at $1.568, and the 100-day EMA at $1.690.
RNDR's RSI has marginally increased to 48.94 from yesterday's 48.83, suggesting neither oversold nor overbought conditions.
Additionally, the MACD histogram is also up slightly at 0.022 from yesterday's 0.020, indicating a slight upward momentum.
RNDR is currently trading at $1.458, showing an increase of 0.07% so far today.
Despite the recent setback, RNDR is still trading above its immediate support level, which is the 20-day EMA of $1.440.
This could signal a possible upward movement in the near term, especially since the price is now above the 20-day EMA.
However, for those interested in a bearish outlook, the next area of support lies between the swing low support zone of $1.331 to $1.399. This zone aligns with the Fib 0.786 level of $1.333. Should the price break down below this point, a further support zone is located between $1.087 and $1.151.
RNDR is currently in a somewhat indecisive phase. Its failure to move past the resistance zone may indicate a need for further price consolidation. With the current indicators, the token is not displaying strong signals in either direction.
The recent rejection after attempting to move past resistance suggests the token needs more time to gather
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