Is It Too Late to Buy Render? RNDR Token Rallies Up 6% as Licensed Crypto Casino Starts Raising Funds – How to Get in Early?
Despite a tough Monday on the market, Render (RNDR) has surged +6% in a market-defying pump aiming to reclaim the 200DMA – but with momentum stalling – is it too late to buy Render?
This comes following a challenging Summer for the leading GPU token, which has fallen -57% since May in a dramatic retracement.
Yet, with rumour of an ‘Uptober‘ abounding in crypto communities, it’s clear that buy sentiment has returned to RNDR at these lower price levels – in a vote of confidence from the market on the long-time frame.
RNDR Price Analysis: Can RNDR Crack the 200DMA and Is it Too Late to Buy Render?
As price action battles stiff resistance around the 200DMA, Render is currently trading at a market price of $1.72 (representing a 24-hour change of +1.84%).
This comes following a dramatic move on Sunday, which saw RNDR smash through resistance from the 20DMA – a moving average that has suppressed price action since a death-cross with the 200DMA on August 7.
However, double-bottomed support at the $1.40 price level appears to have catalysed market confidence, sending price action flying.
The 200DMA now forms the crucial level to watch, a break-high here could see RNDR resume technical rally structure.
But Render’s indicators provide some cause for concern with the RSI heating up substantially on the recent run, to a current overbought signal at 68.9 – this signals an imminent need to retrace and could see price action reject from resistance.
The MACD on the other hand, has flipped bullish with divergence at 0.014.
Overall, Render’s bounce has demonstrated a significant market appetite for the GPU token, however, the spectacular move up has over-heated the RSI and this could trigger retracement.
To the upside this leaves Render targeting a move above the 200DMA to higher support at $1.883 (a possible +9.6% move).
While downside risk here could see RNDR fall to lower support at $1.63 (a potential -5.12% fall).
Render therefore has a risk: reward ratio of 1.87 – a reasonable entry in the event of a successful consolidation at current levels.
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