The crypto industry continues to trade under a strong bullish influence, with major tokens recording a significant uptrend in their respective portfolios. Further, the RNDR token has added approximately 9% within the past 24 hours, making it one of the top gainers for the day.
The Render token traded between $3.539 and $3.947 for four days, following which the market gained momentum and the RNDR price broke out of the range. However, the rally was short-lived as the price faced rejection at $4.254, after which the RNDR token experienced a minor bounce back.
The RNDR price then tested its low of $3.947, after which the bulls regained momentum and recorded a jump of 22.628% in value before facing rejection at $4.840. Following this, the Render token price traded in a consolidated range between $4.254 and $4.840 for the next two weeks.
After multiple failed attempts to break the resistance level, the bulls experienced a jump of 15.346%, after which the price traded in a narrow space between $4.840 and $5.156 for a while.
As the market volatility grew, the Render price broke out of the resistance level and traded sideways for a while. Recently, the price successfully broke out of the resistance level at $6.114, indicating a strong bullish influence for the coin in the market.
Will Render Price Increase?
The technical indicator, MACD, displays a rising pattern, indicating an increase in the buying pressure in the market. Further, the averages show a bullish curve, suggesting the price will continue gaining value in the coming time.
If the market holds the price above the support level of $6.114, the bulls will test its resistance level of $6.502. Moreover, if the bulls continue to dominate the market, it will further rise and prepare to test its upper resistance level of $7 in the upcoming weeks.
Conversely, if the bears gain control over the market, the price will start trading under a bearish influence and test its lower support level of $5.734. Further, if the bears continue to overpower the bulls, it will further plunge and prepare to test its crucial support level of $5.156.
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