Render Token (RNDR) Price Picks Up Momentum – Here’s Why

The price of Render Token (RNDR) has seen a nice bump up today, trading around $4.5 at press time for a gain of 13%. RNDR appears to be breaking out from a period of consolidation, perfectly aligning with price projections calling for a test of the $5 level soon.

According to crypto analyst Crypto Kindie, RNDR shows several technical signals that the momentum is turning bullish for the token on the daily chart. He points to the double bottom pattern that marked the price bottom in recent weeks.

Additionally, RNDR broke through its recent downtrend resistance level, signalling a potential trend change. Most importantly, the token has flipped the crucial 50-day moving average into support, confirming the momentum flip to the upside in analysts’ eyes.

Crypto Kindie believes these aligning signals point to further upside, with a retest of RNDR’s previous highs looking likely in his view. The analogy “on like Donkey Kong” underlines his conviction that RNDR could be in for a strong move upwards if market conditions permit.

Adding to the bull case, the daily Relative Strength Index (RSI) has now topped 70. An RSI above 70 signals overbought conditions in the past and could mean a pullback is due. However, in strong uptrends the RSI can remain elevated for sustained periods while the rally runs.

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The 200-day moving average also lies significantly below the current price at $2.6. The 200-day MA often acts as an important long-term support and resistance, suggesting RNDR has room to pull back while still maintaining an overall bullish posture in the bigger picture.

So, Render Token’s technical alignment and recent price action look encouraging for the bulls at this stage. Continued strength is expected as long as Bitcoin avoids a sharper correction and risk sentiment holds up. The path of least resistance appears to be to the upside, making RNDR one to watch heading into February.

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Petar Jovanović
Petar Jovanović

As the Head of Content at Captainaltcoin, I bring years of experience in the crypto industry. With a strong belief in the potential of the web3 market since 2017, I'm passionate about sharing valuable insights and knowledge. Feel free to connect with me on LinkedIn and let's discuss the exciting world of cryptocurrencies and decentralized technologies!