Render Sees Massive Price Surge: How High Can It Go?
Render (RNDR) has had a significant increase in price during the last 24 hours. The cryptocurrency has risen from a low of $3.2 to a local high of $3.8 over this time. Render was trading at $3.32 at the time of writing, representing a daily increase of 16.89%. The altcoin has risen 18.96% on the weekly charts. Furthermore, Render’s trading volume has increased to $113.24 million, a 202.98% increase. Render is ready for a breakout from its current consolidation phase based on the recent price activity.
RNDR Surges as Buyers Dominate: Is a Breakout Imminent?
As buyers controlled the market, Render was seeing significant upward momentum, according to AMBCrypto’s analysis. In the last 48 hours, Chaikin Money Flow (CMF) has increased to 0.04. A positive CMF indicates that buyers are controlling the market. A rising and positive MACD line further supported this.
Santiment data, however, shows a steep drop to a low of 117.7 tokens during the last day, indicating a notable decline in exchange inflow to Render. It appears from this decreased inflow that holders are opting to keep their tokens instead of selling them. Higher inflow levels, on the other hand, frequently indicate a desire to sell, which may result in more selling pressure.
Given that buyers are in control and that bullish sentiment is robust, RNDR looks to be ready for a big upswing. The bullish advance will be confirmed if a daily breakout from consolidation is followed by a successful retest and a closing over $3.8. After hitting $4.5, Render might gain enough traction to go after the $6 resistance level. However, RNDR can see a correction and retrace to $3.2 if the attempt is unsuccessful and the price closes below $3.5.
For more up-to-date crypto news, you can follow Crypto Data Space.
Leave a comment