Render Price Struggles To Break Out Of Its Key Level! Will RNDR Token Bounce Back?

The post Render Price Struggles To Break Out Of Its Key Level! Will RNDR Token Bounce Back? appeared first on Coinpedia Fintech News

The Render Token constantly displayed a neutral trend, highlighting a decline in the buying and selling pressure in the market. Further, the Render price jumped approximately 8% within the past day, indicating a possible trend reversal for the token.

The Render price traded in a consolidated range between $4.146 and $4.631 for a period, after which the bulls gained momentum and the price surged.

However, the rally was short-lived as the token faced rejection at $4.886, following which the price traded in a closed range between $4.631 and $4.886 for a while.

TradingView: RNDR/USDT

After this, the bulls jumped approximately 12% in valuation. The RNDR price started trading under a bearish influence and erased all its gains. Following this, the price traded in a consolidated range between $4.407 and $4.886 for about a week.

As the market lost momentum, the RNDR price recorded a correction of over 25% in valuation. The bulls quickly gained momentum, resulting in the price experiencing a jump of approximately 20%.

Since then, the price has been trading in a consolidated range between $3.743 and $4.146, indicating a neutral trend in the crypto market. 

Will RNDR Price Regain Value?

The Moving Average Convergence Divergence (MACD) displays a rising histogram, indicating an increased buying pressure in the market. Further, averages show a constant rise, suggesting the price will continue gaining value in the coming days.

If the bulls push the price above its key resistance level of $4.146, the RNDR price will test its upper resistance level of $4.407. Moreover, if the market holds the price at that level, the Render token will attempt to test its resistance level of $4.631.

Negatively, if a trend reversal occurs, the price will lose momentum and fall to test its support level of $3.947. Further, if the bears continue to dominate the market, it will plunge and prepare to test its lower support level of $3.743.