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Cryptocurrency News Articles
Will Render (RNDR) Crypto Witness a New All-time High Mark? Crypto Whale!
May 23, 2024 at 09:59 pm
The month of February became a significant turning point for many cryptocurrencies across the world, and RNDR crypto is also one of them.
Launched in 2017, Render (RNDR) connects artists and studios needing GPU computing power with mining partners. Built on the Ethereum Blockchain, it functions as a distributed GPU rendering network. The native token RNDR has attracted significant attention from investors, especially since February 2024. The crypto also achieved a new all-time high in March 2024. And now, the buyers are setting their sights even higher!
Is Render Crypto Gearing Up for a New All-time High Mark? Crypto Whale!
The month of February proved to be a turning point for many cryptocurrencies, and RNDR crypto is no exception. The price collectively clocked in over 110% positive profitability during Feb and Mar 2024. This development shifted the market psychology to strong bullish sentiments.
However, the crypto faced a phase of profit bookings in April 2024, which resulted in over 30% price decline. But that didn’t deter buyers from approaching Render once again in the current month. They rallied the crypto price by over 40%, and the scenario is hinting at an upcoming all-time high mark.
According to the @santimentfeed X account (formerly Twitter), this volatility in price is to be expected. Here’s what their post reveals;
🐳 Whale activity has been high among the #AI sector, and #Render has been no exception. A known whale earlier sent 4.89M $RNDR (worth $52.1M) to an unknown wallet as the price corrected. Those holding this asset should watch for increased volatility.
That’s because a crypto Whale recently transferred 4.89M $RNDR (Worth $52.1M) as the price corrected. Those who are holding this asset should prepare for increased volatility.
Technical Analysis of the Render (RNDR/USD)
The RNDR price is positioned above the key exponential moving averages, indicating a bullish outlook. The 50-day EMA serves as dynamic support for the price, while the 200-day EMA is reserved for major shifts.
The RNDR price has broken out from a bullish flag pattern at the $9.00 level. Following this breakout, the price displayed a 28% upward move to the $11.59 level. The sellers have marked their presence at the $11.59 level in the last two trading sessions.
However, the selling strength does not appear strong enough to shift the price direction drastically. As per the market speculations, the price is displaying a bullish outlook toward a new all-time high.
The relative strength index (RSI) showcases a minor internal bearish divergence in the price momentum. It indicates that sellers lack the strength to grip the current price. The RSI is moving at 55.06 below the signal line.
Summary
The Render Crypto bullish correction ended on May 4, 2024. After the breakout of the bullish flag pattern, the price clocked in a 28% upsurge. The technical indicators summary also hinted at a bullish signal in the current session. The RNDR crypto is displaying a bullish outlook, which may propel it toward a new all-time high.
Technical Levels
The immediate resistance for the RNDR price is at the $11.59 level, while the next support is at the $9.00 level. If the price breaks above the upper resistance level, a short-term upsurge in price can be observed.
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