Why Is Render Token (RNDR) Price Up 21% Within a Week?

The price of Render Token (RNDR) has seen impressive growth over the last week, rising about 21% to trade around $6.09 at press time. This continues a strong upward price trend for RNDR, which has provided over 100% returns for investors year-to-date.

Driving Force Behind Growth

RNDR recently broke out above an ascending price channel it had been confined within since mid-January (visible on the RNDR/USDT chart as blue trendlines). This technical breakout reflects growing bullish sentiment and new capital flowing into the project.

The 200-day moving average, an important long-term trend indicator, is now at $2.90 for RNDR. This shows the altcoin has experienced tremendous growth over the last 200 days. As the current price stands well above the 200 MA, the long-term outlook remains highly positive.

We reported potential RNDR sell offs yesterday, something traders should pay attention to.

Key Indicators

Despite a 2% pullback today, key indicators reflect strength behind the rally:

  • RSI (Relative Strength Index), a momentum oscillator, is holding support at 37 on the daily chart. RSI above 50 is generally considered bullish, so current levels indicate there is still room for additional upside.
  • On the MACD (Moving Average Convergence Divergence), the MACD line is above the signal line. This positions RNDR for continued gains ahead as bullish momentum prevails.
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The next major resistance area for RNDR stands around $7, its all-time high from November 2021. If the altcoin can break past that level, new highs for the year look very achievable given current market conditions.

In summary, RNDR’s impressive gains over the last week reflect improving sentiment and bullish technical alignments. Key indicators continue positioning the project for additional upside, especially if RNDR can break its previous ATH at $7 in the days ahead.

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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!

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