RENDER is showing stabilization signs after its recent correction, On Monday, March 30. The asset is holding up well in its crucial support area as market participation continues to rise. Analysts are watching the price movements closely as the token is approaching significant resistance points.
As of writing, RENDER is trading at $1.71, marking a 3.24% increase in the past day. The trading volume is showing a strong bullish surge up 43.17% and is currently standing at $43.64 million. Over the last week, the RENDER coin price has gone up by 1.77%, according to CoinMarketCap.
RENDER Forms Bullish ABCD Setup
According to ChiefraT, an analyst, RENDER is reacting from a support area of $1.60 to $1.65. This area is currently acting as a support area following the pullback. This aligns with a possible ABCD pattern formation.
This phase is currently identified as the C leg in this structure. If this level continues, the price may extend to the range of $2.00 to $2.02. Further extensions may be seen up to the range of $2.30 to $2.40.
Additionally, another analyst, CyrilXBT, mentioned that the current price of RENDER is around $1.71, and it gained a daily increase of around 3.39%. The volume was reported to be around 496K, which he described as considered decent.
However, the EMA 200, currently at $2.124, still presents resistance. The price has continually faced rejection around the $2.00 mark. This presents a significant barrier for the price to rise.
Also Read: RENDER Faces Short-Term Downtrend, Consolidation Could Pave the Way to $3.00
CyrilXBT also noted that the resistance level of $4.00 is significantly higher than the current price range. He referred to it as a separate market structure. Despite this, he was optimistic about the long-term prognosis.
He also noted that he is waiting for a clean close above $2.00 before acting on it. Strong volume confirmation is also needed for validation.
Volume and Open Interest Increase
According to CoinGlass data, market activity is on the rise. The future volume increased by 31.29% to $80.85 million. Open interest also rose by 18.28% to $53.48 million. The OI-weighted funding rate is 0.0031%.
RSI Steady While MACD Signals Weakening Momentum
The Relative Strength Index (RSI) indicates balanced momentum. Currently, the RSI is at 54.18, whereas the signal line is at 55.37. This indicates neutral conditions with mild bullish bias. However, the RSI is not in the overbought region.
The MACD indicator is showing that the momentum is slowing. The MACD line is at 0.041, and the signal line is at 0.055. The histogram is at -0.014. The upward pressure is slowing down. The traders are waiting for the next clear signal.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: XRP Consolidates Near $1.36 as Breakout Above $1.43 Could Trigger Bullish Momentum
