What Caused the Render Token Price to Increase by 260%?

Despite a massive increase, the Render Token (RNDR) price was rejected by the $2.18 resistance area and could be mired in a correction.

The Render Token price has increased by 260% since the beginning of the year, when it traded at a minimum price of $0.40. On Feb. 7, the price reached a high of $2.90, the highest since April 2022.

Despite the increase, the main resistance area rejected the price at $2.18 (red icon). The level acted as support between Jan. and April 2022 before turning to resistance. As a result, it acted as resistance on Feb. 7.

Since then, the price has fallen, reaching a low of $1.27 the next day. The ensuing bounce validated the 0.5 Fib retracement support level at $1.29. However, RNDR is threatening to break down from it again. If that occurs, the price can fall to the next support area at $1.08. Since this is both the 0.618 Fib retracement support level and a horizontal support area, it is a more important level.

The daily RSI is trading right at 50, a sign of a neutral trend.

Therefore, whether the RNDR coin price bounces or breaks down from the $1.29 support area can determine the future trend’s direction. A bounce could cause a retest of the $2.18 level, while a breakdown could initiate a fall to an average price of $1.08.

RNDR/USDT Daily Chart. Source: TradingView

Render Token Price Prediction for Feb: Parabola Could Break Down

The price history from the short-term 12-hour time frame shows that the increase was completely parabolic. Such increases are unsustainable in the long term, and the price broke down from the parabola on Feb. 9.

Moreover, it seems that the RNDR price also completed a five-wave upward movement, in which wave five extended massively, reaching the 2.61 Fib extension of waves one and three combined.

So, the price is now likely in an A-B-C correction which could end at the 0.618 Fib retracement support level at $1.08. An increase above $2.18 would negate this bearish RNDR price forecast and could send the price to $3.10.

RNDR/USDT 12-Hour Chart. Source: TradingView

To conclude, the most likely RNDR price prediction for Feb. is the continuation of the correction toward $1.08. On the other hand, an increase above $2.18 would negate this bearish price prediction. In that case, the RNDR price could increase toward $3.10.

For BeInCrypto’s latest crypto market analysis, click here.

Disclaimer

BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

Bookmark (0)

Related Posts

Cronos (CRO) Spreads Its Wings as Crypto.com Expands Global Footprint

Cronos made a 5% upswing as markets reacted to news of a Dubai operational license.
The positive divergence between CRO price and daily active addresses signals more upswing.
$0.080 is within reach for CRO.

Bookmark (0)

Matter Labs Launches First Ever Permissionless zkEVM Mainnet

Matter Labs launches first permissionless zk-rollup that has registered interest from the likes of Uniswap and Metamask.
The network will remain in Alpha while Matter Labs runs security audits.
Matter Labs hopes to change its prover to something less hardware-intensive.

Bookmark (0)

How Crypto Fugitives Evade the Authorities

Police arrested Do Kwon and a second individual at Montenegrin airport Thursday.
Kwon had disappeared for ten months. We speculate on some of the ways he did it.
BeInCrypto does not endorse any criminal behavior.

Bookmark (0)

Bitcoin vs. Hyperinflation

Investigating the role of Bitcoin in economies such as Zimbabwe, Venezuela, and Argentina, where hyperinflation has wreaked havoc.
Understanding the challenges and drawbacks Bitcoin faces, including regulatory hurdles and environmental concerns.
Exploring the future of global finance, as central banks consider the development of their own digital currencies.

Bookmark (0)

Solana (SOL) Price Recovers, but Is It Gearing up for a Bigger Move?

Solana (SOL) price broke out from a descending resistance line.
It is facing resistance at $22.90.
Solana (SOL) might have completed an A-B-C correction.

Bookmark (0)

This Week in Crypto News: Balaji’s $1M Bitcoin Bet, Big Brother CBDCs, and India Conquers Crypto

Balaji Srinsavan, the former tech chief at Coinbase, has high hopes for Bitcoin (BTC).
The Federal Reserve has printed $300 billion to bail out banks.
And Governor Ron DeSantis bans CBDCs in Florida.

Bookmark (0)

Leave a Reply

Your email address will not be published. Required fields are marked *