- The price of the Render Token (RNDR) is trading around $2.18.
- The 24-hour volume is $87.17M which decreased by 29.96% in 24 hours.
- Render Token (RNDR) price has been observed to decrease by 5.19%.
Introduction
Render Token (RNDR) is used as a utility token by the Render Network, a supplier of GPU-based rendering solutions. The utility token used to pay for animation, motion graphics, and VFX rendering on the Render Network is called RNDR. It is an ERC-20 token. Decentralized GPU-based rendering services are offered by The Render Network. The project is made up of creators, node operators, and OctaneRender, which all work together. Using the generated Network, producers may access GPU power to generate finished images more quickly and inexpensively than before.
Trend Analysis
By looking at the trend and price information in the chart, we can depict that Render Token (RNDR) is near its important resistance level. It has taken a reversal from the support level with very good volume and formed a bullish engulfing candlestick pattern which indicates a good movement in the price can be captured.
Render Token (RNDR) Price Analysis
Technical Analysis (1D Timeframe)
EMA: The Render Token (RNDR) price is currently trading above the 20-50 EMA crossover, which indicates that the price will go up as sentiments are in a positive direction.
RSI: A reading of the RSI above 50 denotes bullish momentum, while one below 50 denotes bearish momentum. The RSI is near 50 which is a neutral level. It is signifying in a short time price can touch the upper level and can show bullishness.
MACD: When the signal line cuts the MACD from below, the indicator is considered to be bullish. In the same way, when the signal line gets cut by the MACD line from the above region, the indicator is considered to be bearish. As we examine the price movement of Render Token (RNDR) recently, we can observe that the MACD has been showing a bullish crossover, with the MACD line crossing above the signal line. This shows that the market may be moving in Render Token (RNDR)’s favor.
Trendline Analysis
As per the Trendline, the price is respecting the trendline and the price is reversing from the support level indicating further move. So, as of now the price of the Render Token (RNDR) is in bullish momentum.
Conclusion
According to the analysis, the indicators are supporting the movement in the bullish direction. If the price breaks the above level with good volume we can expect further up move. Currently, the overall trend of the Render Token (RNDR) in a frame is in an uptrend. Only to be traded if they broke the resistance.
Technical Levels
- The Nearest Support Zone is – $0.9347.
- The Nearest Resistance Zone – is $2.822.
Disclaimer
The views and opinions of the author, or anyone named in this article, are for informational purposes only. They do not offer financial, investment, or other advice. Investing or trading crypto assets involves the risk of financial loss.
