RNDR Technical Analysis – February 2022
Render Token (RNDR) hit an all-time high in November of 2021 at a price of $14.8 as the whole crypto market was on the rise. However, after that, the price of RNDR started declining. It dropped by around 60% by mid-December, where it found support at $3.40. The price had a correction of 95% after that, but it faced resistance at $6.75.
RNDR kept declining after that, and it was mainly bearish throughout January of 2022. The price declined by around 67% in January alone. Recently, RNDR found support at $1.83, which was then followed by another correction.
On a bullish note, the fear and greed index shows that fear is diminishing for RNDR traders, and it is on the way to turning into slight greed. Moreover, the new high was slightly higher than the previous high, indicating that the buying pressure has increased for RNDR.
Additionally, Render Token’s price pattern has formed a descending wedge, suggesting that a breakout may occur soon as the wedge gets narrower in the coming weeks. Nonetheless, RNDR remains bearish in the short run.
The 50-MA of a 1-day chart is currently above the price of RNDR, suggesting that the long-term trend could still be facing downward for RNDR, indicating that the price could keep declining in the coming weeks. The 20-MA of a 1-day chart, however, is below the price, suggesting that the price of RNDR is bullish and that the MA line could support the price.
The same can be said about the 9-EMA, which is below the price and currently acting as support to the price of RNDR, indicating that RNDR is bullish in the shorter term.
Relative Strength Index
The RSI of a 1-day chart was below 30 midway through January. This meant that RNDR was oversold, hence the price started increasing. The price has recovered, and the RSI is currently above 50, meaning that there are bullish signs and still plenty of room for more growth.
The MACD line of a 1-day chart is currently above the signal line but still below the baseline, indicating that the momentum is bullish, but there is still more to go in order for the trend to reverse. Nonetheless, the lines have started converging recently, meaning that the momentum may turn bearish again in the coming days/weeks.
The Fibonacci retracement levels of a 1-day chart suggest that the price of RNDR retraced to the 61.8% level and faced resistance. Hence, based on these levels, RNDR could be heading further down in the coming days.
Price Prediction RNDR – February 2022
Based on this technical analysis on Render Token (RNDR), the price of RNDR could be heading further down if its recent support at $3.15 proves to be weak. If support at $1.80 fails as well, RNDR could be heading close to $1 in the coming weeks. Nonetheless, indicators suggest that RNDR has the potential for a reversal, including the fact that the recent price movement has created a higher high in both the 4-hour and the 1-day charts. Other things equal, if RNDR maintains this momentum, then the price could eventually go close to $6 in February.
Latest News for RNDR – Affecting Price
Render Toke was recently listed in Coinbase, and now RNDR transfers can be done with ease and efficiency. This has drastically increased Render’s accessibility, which also led to the recent price surge of RNDR. These kinds of updates are beneficial to RNDR holders as this project is in it for the long run.
— Render Network | RNDR (@RenderToken) February 2, 2022