The Render token (RNDR) has shown a remarkable increase of over 21%, indicating its expanding use in real-world applications. Will the token sustain its positive trend to reach $10 this week, or will it face a setback?
Render Retests Important Resistance Level
Render prices have shown a positive trend for 6 consecutive days, highlighting growing buying pressure. The token is currently testing an important resistance level at $8.950, the outcome of which remains uncertain. With a 24-hour trading volume of $754.50 million and a market cap of $4.481 billion, Render has secured the 32nd position in the global cryptocurrency list.
Render Technical Sentiments
The Relative Strength Index (RSI) indicates a sharp rise towards the overbought zone, suggesting increased buying pressure. The 200-day EMA has acted as crucial support for the token's price, and the bullish trend in the 50-day EMA indicates further strengthening.
Prospects of Reaching $10
If the market supports bullish sentiments, Render's price could surpass the $8.950 resistance and aim for $10.450. Should bulls dominate, there is potential for testing $11.925. However, in the case of a trend reversal, the price may drop to the $7.225 support level.
Render token exhibits significant growth potential in the short term, with investors closely monitoring its movement amid current market conditions and sentiments.
