Crypto News– Yesterday marked a significant surge in the RNDR price, propelling it to a new yearly high of $3.20 on Thursday.
This upward momentum confirmed a breakthrough from the $2.20 horizontal range, a level that has influenced price movements since March 2021. RNDR has demonstrated rapid growth since the beginning of September, witnessing a remarkable 125% increase in just 70 days.
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Early in October, the altcoin successfully breached the $2.20 horizontal barrier, a pivotal zone that has alternated between acting as resistance and support (indicated by red and green icons) since March 2021.
Following its validation as support the following week (green icon), RNDR’s price gained further momentum this week. The attainment of $3.20 marks a new yearly high and the highest price observed in nearly 600 days. The weekly Relative Strength Index (RSI) is on the rise and sits above 50, both indicative of positive momentum. Additionally, the RSI is on the verge of crossing above 70, signaling an acceleration in the rally.
Traders utilize the RSI as a momentum indicator to discern overbought or oversold conditions and make informed decisions on asset accumulation or sale. Readings above 50, coupled with an upward trend, suggest a bullish advantage, while readings below 50 imply the opposite.