RENDER Surge Tested with a 229% Volume Explosion: Will the Uptrend Continue or Falter?

• RENDER is trading around the $2 mark.
• Trading volume has skyrocketed by over 229%.

With the neutral sentiment hanging in the market, the recovery might slow down. It is pushing the crypto assets to swing between gains and losses, and it includes all the major assets. If the active momentum turns bullish and steady, the digital tokens could escape the bear trap and hit new highs. Notably, RENDER has posted a 4.21% surge. 

In the early hours, the asset traded at a bottom level of $2.33. Instead of continuing trading on the downside, the RENDER price has witnessed key tests and mounted to a high of $2.70, as the bulls took command. The recent price gain has triggered RENDER to trade at around the $2.43 zone.  

With the asset’s market cap settled at $1.27 billion, the daily trading volume has exploded by over 229.41%, reaching the $245.14 million mark. According to the Coinglass data, the market has likely observed $1.53 million worth of RENDER liquidation over the last 24 hours. 

Will the Bulls Push RENDER Higher?

RENDER’s bullish trading candles might send its price to the $2.49 resistance range. Assuming the potential bulls gain more power, it might trigger the golden cross to unfold, taking the price to $2.55. On the support side, if the chart turns bearish, the RENDER price could slip toward the support at around $2.37. Further downside correction might drive the asset’s price below $2.31, along with the death cross formation.  

RENDER chart (Source: TradingView)

Moreover, the Moving Average Convergence Divergence (MACD) line is settled above the signal line, showing bullish momentum. The ongoing trend is stronger, and the price may continue moving higher. The Chaikin Money Flow (CMF) indicator resting at 0.11 hints at moderate buying pressure in the RENDER market. Also, the money inflows are stronger than outflows, indicating healthy accumulation. 

The daily Relative Strength Index (RSI) value found at 57.23 signals moderate bullish sentiment, as the asset is trading above the neutral levels. It is not overbought, leaving room for further upside if the momentum continues. RENDER’s Bull Bear Power (BBP) reading of 0.062 suggests slight bullish dominance. The buyers are marginally stronger, with a weak trend, giving cautious optimism rather than a strong push.

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