The Render Token (RNDR) price is surging as it attempts to break through key price levels. On April 9, the price broke out from a descending resistance line that was created since Feb. 7, and has been steadily increasing since. Hours later, the price reached $1.70, a resistance area inside the 0.618 Fib retracement. A further surge may take RNDR close the $2.20 average price while a break beyond the $3.0 resistance area could indicate the start of a new bullish trend.
To evaluate the probability of this trend, we look at the structure of the recent RNDR price movement. A five-wave upward movement initiated at the start of the year, followed by an A-B-C corrective structure. If correct, the price is currently in the third wave of a new five-wave increase. Technical indicators, such as RSI, also imply that the price is likely to stay positive.
Nevertheless, a decrease below $1.39 would invalidate this bullish outlook. In that case, the Render Token price could drop to $0.94.
Investors in the crypto space should keep a close eye on the price level at $1.39 if they are looking for potential gains within the RNDR token. A break above this key resistance could indicate a bullish setup and significantly increase the probability of attaining the targets of $2.20 and $3.0 in the coming months.
Isabel Hall
- 2023-04-12
Render Token Price Could Reach $3.0
The Render Token (RNDR) price is surging as it attempts to break through key price levels. A further surge may take RNDR close the $2.20 average price while a break beyond the $3.0 resistance area could indicate the start of a new bullish trend.
