The Render token (RNDR) signifies bullish sentiment and replicates bull accumulation this week. Amidst the bearish sentiments in the crypto market, the RNDR token has surged over 44% this month.
Since the beginning of this month, the token has had bullish momentum and replicated higher high swings on the charts.
At press time, the Render token (RNDR) price traded at $9.92 with an intraday drop of 1.20%, reflecting neutrality on the charts. It has a monthly return ratio of 19.30% and 314.30% yearly.
The pair of RNDR/BTC is at 0.000148 BTC, and the market cap is $5.30 Billion. Analysts are bullish and suggest that the RNDR price will continue to outperform and might reach the $13 mark soon.
Can Render (RNDR) Spread Up Move Toward $13 Mark?
Per the TradingView data, the RNDR token price has reverted from the upward trendline support mark of $7 and registered a symmetrical triangle pattern in the last sessions.
In addition, the Render token might retest its 52-week high mark of $13 and may spread the bullish wave in the following sessions.
Source: TradingView
The Momentum Indicator (RSI) curve stayed in the overbought zone, but a negative crossover was noted on the charts. The Intraday trading volume dropped over 25.83% to $191.20 Million, and signifies neutral price movement throughout the trading session.
Could Positive Development Activity Rallies RNDR Price?
The Render token (RNDR) has displayed a consistent up move in the development activity for weeks. Its value reached the ATH mark of 0.286, representing the bullish sentiment.
Source: Santiment
Similarly, the decent popularity of the Render token on social platforms and significant discussion reports were noted. However, the weekly social volume data highlighted flat movement and stayed close to 16.
Render (RNDR) token is all set to list its pair on the BTC market on May 21st. It might boost its liquidity and the price in the coming weeks.
📢Render (RNDR) is coming to BTC Markets! @rendernetwork
Read more about Render (RNDR) on our blog: #BTCMarkets #cryptocurrency #trading #crypto pic.twitter.com/2MvEpWPbvf
— BTC Markets (@BTCMarkets) May 9, 2024
Source: Twitter
What Does Analyst See In Render (RNDR) Crypto?
In a recent tweet by Altcoin Sherpa, he says that the RNDR token price might hold the current price level and will possibly reach the $10 mark soon. It has retested the breakout region and might continue to stretch the up move by delivering the higher high swings in the next sessions.
$RNDR: Expecting this area to hold, $10 is a bargain. Expecting much higher prices in the coming months, I’m in this again pic.twitter.com/XzE5h7qABq
— Altcoin Sherpa (@AltcoinSherpa) May 17, 2024
Source: Twitter
Futures Derivative Data Remained Flat
The futures derivative data activity remained flat after no significant change in the intraday price.
Source: CoinGlass
The open interest activity showed a minor change of 0.10% to $185.86 Million in the last 24 hrs.
The immediate support levels for the Render (RNDR) token are $9.50 and $9, whereas the key upside hurdle is around $10.30, followed by $11
Conclusion
The Render token (RNDR) trades in a bullish bias and has decisively sustained above the 20-day EMA mark. Meanwhile, the bull army looked strong and had an edge.
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
