Despite the increased price volatility in the crypto industry, the Render Token has displayed a constant rise in its portfolio. The RNDR Price has added over 5% within the past day and has cumulatively added over 15% during the past week.
The Render coin price traded between $1.844 and $2.189 for a brief period, after which the bulls gained power, breaking the price out of the range. However, the rally was short-lived as the bulls faced rejection at $2.542, following which the price traded in a range between $2.189 as its support level and $2.542 as its resistance level for approximately three weeks.
As the market regained momentum, the RNDR token broke out of its upper level and jumped over 40% within a day. Since then, the price has been trading in a rising channel pattern, displaying a strong bullish sentiment for this crypto.
Moreover, the 50-day EMA acts as a dynamic support to the price trend, highlighting a high possibility of massive price action in the coming time.
The Relative Strength Index (RSI) continues to trade above the mid-point, indicating a bullish influence in the market. Further, the averages show a bullish convergence, suggesting the price will continue gaining value in the coming time.
Will Render Token Price Rise Back Up?
If the bulls regain momentum, the RNDR price will reclaim its $5 mark and continue to rise. Further, if the market holds the price at that level, it will rise and test its upper level of $5.25 in the coming time.
Negatively, if a trend reversal occurs, the price will lose momentum and value. Moreover, if the bears continue to dominate the industry, it will prepare to test its crucial support trendline of around $4.35 from the rising channel pattern.