Is It Too Late to Buy Render? RNDR Price Turns Green and Launchpad XYZ Uses AI Data to Find Out When to Buy the Dip
Joining the broader cryptocurrency market uptrend today, Render Token (RNDR) has exhibited bullish price action for most of the day. The RNDR price touched its 50-day moving average for the first time in almost two months earlier today.
However, selling pressure has once again pushed the cryptocurrency back to its familiar consolidation resistance zone of $1.499 to $1.531. It currently trades at $1.504, still maintaining a respectable 3.65% increase so far today.
Taking a look at the RNDR Price's technicals can potentially provide insight into where Render Token may head next.
The 20-day EMA for Render Token currently stands at $1.453 and has been acting as immediate support for the RNDR price over the past five days.
Meanwhile, the 50-day EMA is at $1.559, and the 100-day EMA is at $1.678, both of which are well above the current trading range, indicating that the token has some room for growth in the longer term.
If the RNDR price fails to hold its support at the 20-day EMA, it could move towards the next horizontal support zone of $1.331 to $1.399, which is also in confluence with the Fib 0.786 level of $1.332.
Render Token's RSI has moved from yesterday's 47.95 to today's 53.54, indicating a slight increase in buying momentum for Render Token.
Additionally, the MACD histogram has also seen a minor increase from 0.023 to 0.024, signaling that the bullish momentum is still in play, albeit not strongly so.
The market cap of Render Token has increased by 9.44% to $575 million, and the trading volume has risen by 25.43% to $38.1 million according to CoinMarketCap.
These metrics suggest an increased trader interest in RNDR, which could play a role in determining the RNDR price going forward.
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