RNDR price appears to have no plans of stopping the rally triggered at the beginning of the year with over 272% gains accrued in just 30 days. While the entire cryptocurrency market struggled to stay buoyant since last week to avoid a sell-off due to the first US Federal Reserve decision on hiking interest rates, Render Token shot up by another 75%.
At the time of writing, RNDR price dodders at $1.71 after blasting through a tentative resistance at $1.50, as highlighted in the lower gray band. Investors are likely to have expanded their gaze to $2.00 in the near term and $4.00 over the coming days – possibly in a week.
Investors have thrown their weight behind Render Token possibly riding a buy signal presented by the Moving Average Convergence Divergence (MACD) indicator in early January. This call to buy RNDR manifested as the MACD line in blue flipped above the signal line in red.
Notice how the green histograms on the positive side of the mean line (0.00) have been increasing in length. In other words, the indicator suggests that the momentum behind RNDR price is not about to slow down.
That said, with the resistance at $1.50 out of the way, RNDR price is looking forward to blasting through the next hurdle at $2.00. Based on the outlook of the On-Balance-Volume (OBV) indicator, odds are in favor of the rally continuing to higher levels.
RNDR Price Rally Needs the Incoming Golden Cross
A golden cross pattern may come into the picture on the same daily time frame chart. This pattern forms when the 50-day Exponential Moving Average (EMA) (in red) flips above the longer-term 200-day EMA (in purple).
Traders get excited every time a golden cross pattern appears on the charts as it presents profitable opportunities ahead. Think of it to be a green light for investors to comfortably bet on long positions in an asset.
Therefore, traders looking forward to new entries in RNDR, they may do so as the 50-day EMA flips above the 200-day EMA. Although other moving averages are considered, traders have over the years grown accustomed to following the position of these two, as they often send out valid buy signals that will not result in fake breakouts.
Adding credence to the bullish outlook in RNDR price is the position of the Ichimoku cloud on the daily time frame. From the chart above we see Render Token sitting significantly above the cloud, thus presenting a bullish outlook for the token in the coming days, perhaps even weeks.
For now, bulls must focus on securing support at $1.50 to allow other macro factors to catch up with the gigantic breakout. Higher support will prevent sudden and drastic trend corrections that might give back the gains accrued this week.
Moreover, investors who might be feeling sidelined could take the opportunity to fill their bags ahead of the anticipated move to $2.00 and $4.00, respectively.
The Money Flow Index (MFI) has sustained in the overbought region since mid-January, implying that the inflow volume is far much greater than the outflow volume in the Render Token markets.
About Render Token
Render Token is a blockchain project that provides GPU rendering services for independent creators and coders. The project was established in 2016 and is the second start-up of Jules Urbach. It functions along with Urbach’s first project, Otoy, which provides the high-quality OctaneRender renderer that runs on the OctaneRender Cloud (ORC) network.
Render provides a platform for users to make use of their unused GPU power to aid other projects in creating motion graphics and visual effects. As a reward for contributing computing resources, users are given Render tokens, which allow them to access the utility of the Render network.
This network simplifies and streamlines the process of rendering and streaming 3D virtual worlds and visual effects, creating an economical and efficient system for utilizing spare computing capacity.
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