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RNDR Bulls’ Triumph Threatened as Indicators Signal Trend Reversal

Published May 20, 2023 01:15
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RNDR Bulls’ Triumph Threatened as Indicators Signal Trend Reversal
 
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  • The RNDR bulls have overpowered bears as the price soars to a new 7-day high.
  • While the RNDR market cap surged, the trading volume dipped after profit-taking.
  • However, the bullish RNDR momentum is waning as bears eye a potential reversal.

Bulls triumphed in the Render Token (RNDR) market after a fierce struggle between bulls and bears. From a low of $2.27 in the previous 24 hours, the RNDR price surged to a new 7-day high of $2.50 before facing resistance. The current RNDR price is $2.45, representing a strong 3.08% increase from the previous closing.

While investors rejoice at the price gain, RNDR’s market capitalization increased by 3.00%, hitting a remarkable $890,688,844.

On the other hand, profit-taking by traders resulted in a 9.30% drop in 24-hour trading volume to $278,449,391. This decrease in trading volume illustrates investors’ cautious stance after RNDR hit the 7-day high.

RNDR/USD 24-hour price chart (source: CoinMarketCap)

A bull-bear power rating of 0.1390714 indicates that bulls now have a modest advantage over bears in the market.

While this change may show that investors feel marginally positive, it cannot warrant a sustained upswing in the RNDR market.

Since the technical rating indicator indicates a “strong buy” signal, RNDR’s favorable momentum may have room to run. This bullish strength enhances investor confidence and reignites market interest.

RNDR/USD chart (source: TradingView)

The Chaikin Money Flow indicator, which has a rating of -0.23, indicates that RNDR’s bullish momentum is fading. This move into negative territory indicates that RNDR’s capital outflow is growing, which might soon lead to a bearish trend.

The MACD blue line has fallen below its simple moving average (SMA), supporting the idea that a correction is imminent. Since the histogram has moved into the negative sector, the bullish momentum has slowed, and the bears may be taking charge.

RNDR/USD chart (source: TradingView)

As RNDR bulls celebrate their victory, caution is required as profit-taking sets in.

Disclaimer: The views, opinions, and information shared in this price prediction are published in good faith. Readers must do their research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be liable for direct or indirect damage or loss.

The post RNDR Bulls’ Triumph Threatened as Indicators Signal Trend Reversal appeared first on Coin Edition.

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RNDR Bulls’ Triumph Threatened as Indicators Signal Trend Reversal
 

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