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Threat of victory for the RNDR bulls as the indicators point to a trend reversal
- The RNDR bulls beat the bears as the price rose to a new 7-day high.
- While the RNDR’s market cap went up, the trading volume fell after profit taking.
- However, the RNDR’s bullish momentum is waning as bears await a potential reversal.
The bulls prevailed in the Render Token (RNDR) market after a fierce struggle between bulls and bears. From the last 24-hour low of $2.27, the RNDR price rose to a fresh 7-day high of $2.50 before encountering resistance. The current price of the RNDR is $2.45, which is a solid increase of 3.08% from the previous close.
While investors rejoiced at the higher price, RNDR’s market capitalization rose 3.00%, to $890,688,844.
On the other hand, profit-taking by traders led to a 9.30% decrease in the 24-hour trading volume to $278,449,391. This drop in volume illustrates investors’ cautious stance after the RNDR reached a 7-day high.
24-hour price chart (Source: CoinMarketCap)
A bull bear strength rating of 0.1390714 indicates that the bulls now have a modest advantage over the bears in the market.
While this change may show that investors are feeling marginally positive, it cannot guarantee a sustainable recovery in the RNDR market.
As the technical rating indicator is signaling a “strong buy”, the positive momentum of the RNDR may have room to run. This bullish force boosts investor confidence and reignites interest in the market.
RNDR/USD Chart (Source: TradingView)
The Chaikin Money Flow Indicator, which has a rating of -0.23, indicates that the RNDR’s bullish momentum is fading. This move into negative territory indicates that the RNDR’s capital flow is increasing, which may soon lead to a downtrend.
The blue MACD line has fallen below the simple moving average (SMA), supporting the notion that a correction is imminent. Since the chart has moved to the negative sector, the bullish momentum has slowed, and the bears may take over.
RNDR/USD Chart (Source: TradingView)
With the RNDR bulls celebrating their victory, caution should be exercised when profit-taking begins.
Disclaimer: The views, opinions and information shared in this price forecast are posted in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.
The RNDR bulls’ victory was threatened after the indicators trend reversal made its debut in the coin issue.
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