thecoinrepublic.com
- 1 RNDR price is currently trading at $1.289 while seeing a change of -21% in 24-hour trading volume.
- 2 The RNDR price is observing a decline of 1.48% in the last 24 hours.
RNDR’s price is currently trading under a consolidation just above its critical support level the 100 and 200 EMA. The price of RNDR after crossing above the 200 EMA has not given a close below it over the last 4 months despite the recent bearish movement of the overall market. This indicates that the price is getting consistent support from the buyers and the investor’s sentiments regarding the RNDR coin are bullish. And as the price is trading near its major long-term support level it can give a bullish move in the near future although a short-term correction is possible before its bullish reversal.
The making of a consolidation channel in the price action is indicating that there is currently indecision between the buyers and sellers. The breakout of the price will decide the direction of the trend. There is a slight decline in the volumes since the previous months although the count of green candles has increased.
RNDR price is trading under a consolidation pattern on the (Daily Timeframe)
The RNDR price made a bullish candle in early January, after which the price made a breakout through its major resistances around 200 EMA and gained more than 98 percent of its value back. Following a short correction from the $2.200, the price made a retest in an attempt to break its resistance level
It could not able to sustain near those levels and after taking a sharp rejection the price made a bearish double-top pattern. The price made a downfall of 57 percent. Although the price did get buyers’ support near the 200 EMA after making a 50 percent uptrend sellers started taking control back of the market.
Technical Analysis ( 1 Day Timeframe )
As of now, the price is trading under a consolidation channel above the 100 and 200 EMA. This price pattern is indicating that the RNDR price can make a bullish make out as the consolidation is being made above the important support levels of both EMA’s and SMA Where on the other hand RSI line is also trading above the median line taking support from the 14 SMA. The current value of the RSI is 48.86 points and the 14 SMA is trading at 48.44 points.
Technical levels –
Support -$1.084
Resistance – $1.400 and $1.600
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.