Render Price Skips Consolidation: Outlook For This Week?
- 1 Render price (RNDR) surged 7.98% in the last 24 hours and currently trades at $1.87.
- 2 RNDR crypto price breaks out of a consolidation of almost two weeks.
- 3 Render crypto price surpassed the 50-day and 200-day EMA indicating a bullish dominance in the short term.
Render crypto price is up 7.98% intraday and has broken out of a consolidation of approximately two weeks. The bulls have established their presence at the lower levels and accumulated with high buying volume at the lower levels due to which the price was able to break out of the consolidation.
Moreover, the Render price has been witnessing a bullish dominance since the very beginning of September month. The crypto price gained buyers continuously to surpass the key EMAs and broke out of a bullish flag pattern, thus, ending the correction phase.
Thereafter, the Render price gained momentum and surged higher, thus, turning the overall trend in the favor of buyers.
The volume analysis shows that the Render crypto price has received a trading volume of $53.17 Million in the past 24 hours which is 245.08% more than the last day. The crypto has a market cap of $695.17 Million and ranks 49th in the crypto market. The volume-to-market-cap ratio is 7.40% indicating mild volatility in the market.
Render Price Breaks Out of Consolidation
The Render price currently trades at $1.87 with an intraday gain of 7.98%. The Render crypto price shows the breakout from a two-week consolidation with a rise in the volume indicating the price hike is supported by the buyers.
Now that the Render price has entered a clear traffic zone and the bulls have regained control, the price may continue to surge higher till it encounters a major supply zone on its way.
Technical Indicators Show Bulls Regaining Momentum
At press time, the RSI Line and SMA line are showing a positive crossover indicating the bulls are getting back in the game. Also, the RSI line is above the mean line and is headed upwards taking support from the mean line indicating strength over the chart.
The EMA analysis shows that the RNDR price trades above the 50-day and 200-day EMA indicating bullishness in the short term. The EMAs may act as a dynamic support if the price declines.
Conclusion
Render price is up 7.98% at press time with a high volume inflow. The price broke out of a two-week consolidation and resumed the bullish trend. The price may rise further and test the resistance levels.
The price is supported by the key EMAs and the bullish flag pattern. Crypto has a market cap of $695.17 Million and ranks 49th in the market. The volume-to-market-cap ratio is 7.40% indicating mild volatility. The technical indicators are showing an optimistic trend in the short term.
Technical Levels
- Support Levels: $1.70 and $1.479
- Resistance Levels: $1.869 and $2.070
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.