This week, speculators have witnessed a decrease in volatility among leading cryptocurrencies, while altcoins are steadily gaining traction. Many crypto traders have experienced an over 26% surge in the value of Render Token (RNDR) this week, currently ranked as the 57th largest cryptocurrency. In fact, RNDR has claimed the title of the day’s top gainer, attracting considerable attention from investors.
After bouncing back from the horizontal support zone that has held strong since early March, the Render token (RNDR) is now striving to achieve a positive bullish gain. The price of RNDR has frequently been propelled upward from the range of $1.550 to $1.650.
Starting from early March, the Render Token has been steadily building a pattern of higher lows along an upward-trending blue line. On May 12th, bullish momentum drove the RNDR price up by over 40%, reaching $2.35, its highest value in two weeks. Last night, the bulls further bolstered the RNDR token, resulting in an increase of approximately 19.6%. This surge has raised the probability of the altcoin maintaining a positive trajectory throughout the week.
During the early hours of Wednesday morning, the Render token emerged as one of the leading gainers of the day. Likewise, on 18 May, RNDR continued to hold its position, registering an impressive overnight gain of 16.10%. Currently, the token is trading in the $2.3 range.
According to Coinmarketcap data, the trading volume increased nearly 80%, totaling $256 million over the past 24 hours. The On Balance Volume (OBV) has been steadily rising and has now reached an impressive range of 706.36 million. This indicates a higher level of accumulation throughout the month.
Following two days of consistent accumulation, RNDR has surpassed the crucial moving averages, indicating a positive trend. Currently, the 20-day simple moving average serves as the immediate support level, providing a strong foundation. However, it’s important to note that the annual high of $2.6 could potentially trigger a pullback in the near future.
Moreover, the daily Relative Strength Index (RSI) has crossed the 60 range, nearing the threshold of the overbought zone. Nonetheless, the RSI indicates the potential for directional momentum, at least for this week.
- Support level: $2.0 and $1.60
- Resistance Level: $2.6 and $3.0
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