RNDR Price At Major Support Level; Will It Revisit $12 This Month

• The trading volume has increased by 80% in the past 24 hours.
• Render price had been struggling below the 200-day EMA for the past 2 weeks.

With strong bullish momentum, RNDR has been stuck in a parallel channel for the past 4 months. The price failed to overcome the $12 mark.

In May, the digital asset price approached the $12 mark twice but failed to sustain. In the third attempt, the swing didn’t even reach the last swing high, which demonstrates the sellers’ strength. This resulted in a bearish momentum as the price melted to the a support level.

Render was traded at $7.60 at press time and lost around 1.16% in an intraday session. The market capitalization is $2.94 Billion and the 24-hour trading volume is $132.75 Million. The circulating supply is 388,650,384 RNDR and the fully diluted market cap is $4.04 Billion.

Surge After Hidden Bullish Divergence?

Did you see the weekly Hidden Bullish Divergence on the $RNDR chart??

RSI is already turning around

Last time this happened we pumped 915% in 6 months.
This time it's going to be faster imo.

Are you ready? ⭕️ It's time to $RENDER the price upwards. pic.twitter.com/M06ii0zdEn

— ⭕️ $RNDRSHARK ©️ ⭕️ (@RNDRSHARK) July 1, 2024

A source on X claimed that the Render crypto price chart had generated a hidden bullish divergence. In September, RNDR generated a hidden bullish divergence and surged 800% in one go.

RNDR Price Struggling in a Parallel Channel on Top; Breakdown of Breakout?

On a daily time frame, the Render crypto price was struggling within a parallel channel on the top. At the time of writing, the price had slipped below the 200-day EMA and took support at the major support level of $7.

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If the digital asset price slips below the 200-day EMA and sustains, sellers may become strong. Below the major support level, profit booking on a larger scale could be seen, which may trigger bearish momentum.

Alternatively, the price over the 200-day EMA may lead to a bullish trend because bulls may show faith in the demand zone. If the trading volume increases during this scenario, the price may rise to the $12 mark in the next few weeks.

Based on the technical indicators, the RSI is struggling below 45, reflecting neutral momentum. MACD formed a golden crossover with the Signal line and the histograms flipped to green.

RNDR Price in Double Digit Soon?

$RNDR

As I told you ! Bounce on support !

Lets reach double digits again ! pic.twitter.com/HCmD1lUd2J

— Sensei (@SenseiBR_btc) July 1, 2024

Conclusion

RNDR price is testing a major support level, and it remains to be seen whether it will regain the $12 mark shortly. Traders and investors should monitor the trading volume and price action closely to gauge the potential direction of the market. The hidden bullish divergence on the price chart is an interesting development, and if history repeats itself, there could be a significant surge in the price. However, it’s important to watch for a breakdown if the price slips below the 200-day EMA and a major support level, as this could lead to a bearish trend.

Technical Levels

The Render crypto price is expected to face resistance from the $9.25 and $11.25 levels. The price may take support at the $7.00 and $5.25 mark.

Disclaimer

This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.