2024-6-20 16:23 |
The price of Render Network’s native token, RNDR, has spiked by more than 8% today, fueling speculation about the potential for further gains. This rally comes after a prolonged bullish trend, raising questions about the driving forces behind the price surge.
Technical Analysis Points to Bullish MomentumAccording to Crypto Kindie, a crypto analyst, the daily Relative Strength Index (RSI) for RNDR has been hovering around the 30 level for a week, suggesting that a local bottom might be imminent. Historically, whenever the daily RSI taps the 30 zones, a local bottom tends to form, indicating a potential reversal in trend.
Crypto Kindie further highlighted that a bullish divergence on the RSI is still in play, adding to the bullish narrative surrounding RNDR. This divergence occurs when the price makes a lower low while the RSI forms a higher low, signaling potential buying pressure.
Key Support Level Holds FirmAnother factor contributing to RNDR’s bullish rally is the strength of a key support level. Based on price analysis, this support level has successfully held the price on three different occasions in the past, underscoring its robustness.
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If the price manages to hold above this critical support level, it could pave the way for a continuation of the current rally. Market participants will be closely monitoring the price action around this support level, as a decisive move above it could potentially trigger further buying interest.
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The post Why is Render Network (RNDR) Crypto Price Pumping? appeared first on CaptainAltcoin.
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