Render (RNDR) Surges into the Top 50 with a 1,100% Price Spike
Witness the spectacular rise of Render ( RNDR), now among the top 50 cryptocurrencies with a jaw-dropping 1,100% price surge in 2023. Explore its remarkable journey, recent breakout, and insights from other crypto enthusiasts.
The Render (RNDR) cryptocurrency has undergone a spectacular rally this week, marking substantial gains following a brief bearish period. As RNDR surges, it has nearly reached an impressive high of $5, prompting crypto enthusiasts to contemplate the possibility of it breaking through this milestone in the coming month.
Chart by TradingView
RNDR's Accelerated Upward Trajectory
RNDR has delivered a remarkable, bullish performance throughout the year, boasting an astonishing 1,100% price surge since the beginning of January. This astounding run culminated in RNDR reaching a new yearly peak of $4.87, marking its highest valuation in over 700 days.
One of the pivotal moments in this surge was RNDR's alt="RENDR Records Impressive Growth Chart" />
Chart by breakthrough from a critical horizontal resistance zone, firmly established since April. This breakout has further accelerated the pace of its ascent, bringing the cryptocurrency tantalizingly close to an all-time high.
The Relative Strength Index (RSI) serves as a crucial momentum indicator for traders, aiding them in gauging whether a market is overbought or oversold, and consequently, whether to buy or sell an asset. When the RSI surpasses 50 while indicating an upward trend, bulls retain the upper hand.
Currently, the weekly RSI stands above 50. However, it is trending downwards, and for the rally to continue, the RSI must stay above 50.
Additionally, for RNDR to continue its uptrend, it will need to stay above the 200 Exponential Moving Average (EMA). The 200 EMA works as a mobile support and resistance, and once the price breaks above it, it tends to stay above it for the duration of the bull run.
However, it is imperative to consider the possibility of a local top forming if RNDR fails to breach the $5.50 resistance. In this scenario, RNDR may retreat to the nearest support at $3.70, reflecting a 20% decline from the current valuation and a 32% decrease from the $5.50 threshold.
Insights from Cryptocurrency Enthusiasts:
Prominent cryptocurrency traders and analysts on the X platform anticipate RNDR's upward momentum to persist. Don Mimi, for instance, shared a chart projecting RNDR's next target at $5.50, a testament to growing confidence in the cryptocurrency.
Meanwhile, OurCryptoTalk expressed their commitment to RNDR, citing both price action and the prevailing Artificial Intelligence narrative as factors driving their investment decision. They emphasized RNDR's resilience, with strong support above $3.5, and anticipate a thriving long-term narrative surrounding AI in the cryptocurrency space.
Default Trades chimed in with optimism, predicting that RNDR would embark on a journey of price discovery before the year concluded.
Start automated trading on Cryptohopper today and enjoy a 3-day free trial!
