Render (RNDR) has experienced low volatility, trading within a tight range recently. The 200 EMA on the 4-hour chart has acted as a crucial support, while the 100 EMA and the base line of the 4-hour Ichimoku Cloud provided significant resistance last week. However, RNDR’s price surged above these resistance levels yesterday.
What Are the Key Resistance Levels?
RNDR’s price recently tested the upper boundary of the Ichimoku Cloud at $10.8, a critical resistance level for the token. Breaking this level could propel the price to the $11.3 to $11.5 range. Experts highlight the $10.2 price level as another vital resistance point. If Bitcoin‘s price climbs to the $72,000 to $73,000 range, RNDR is expected to exceed the $11.3 level.
Will There Be a Price Correction?
The RSI on the 4-hour chart rose to 70 as the price approached the $10.8 resistance, indicating a potential price correction. A breakdown from the Cloud could shift market sentiment, possibly leading the price to settle between $9.9 and $10.2. The daily Ichimoku Cloud remains a crucial support level, suggesting continued bullish momentum.
Key Takeaways for Investors
- Monitor the $10.8 resistance level for potential upward movement.
- Watch Bitcoin’s price trajectory, as it could influence RNDR’s price.
- Be aware of a possible correction if RNDR fails to maintain above the Cloud.
- The daily Ichimoku Cloud provides strong medium-term support at $10.
In conclusion, RNDR’s price movement around the $10.8 resistance level is closely watched. Breaking above this point could signal further gains towards $11.3 to $11.5. Investors should keep an eye on Bitcoin’s price movements, as they could impact RNDR’s trajectory. Continued monitoring of these levels is essential for strategic decision-making.