With the increasing bullish sentiment in the cryptocurrency market, will RENDER price rebound to a historic high this month? Or will it pull back? In this article, we introduce possible short-term price sentiment.
RNDR price records strengthened bullish action!
Render price has surged over 8% during the session, continuing to trade in an ascending channel pattern. Notably, this altcoin has been trading within this price trend since the beginning of this month. Additionally, with a market capitalization of $4.17 billion, it has secured the 29th position.
The EMA 50/200 daily moving averages are currently experiencing a golden cross within the daily timeframe. This indicates that the buying pressure for this AI token outweighs the selling pressure in the market.
Additionally, the MACD indicator continues to record green histograms, with its average steadily rising in the Render price chart. This highlights that the altcoin may continue to appreciate this week.
Will RNDR price reach a new high this year?
Maintaining a bullish sentiment could push Render price down to the resistance level of $9 this week. Furthermore, if the market favors bulls, this Ethereum-based altcoin might retest its $10 level in the future.
Conversely, if a bearish trend reversal occurs, Render token could fall to its support trend line at $7.185. Moreover, if the bulls fail to regain momentum at this time, it could lead to a retest of its lower support level at $5.50.
