Render (RENDER) Rallies 38% in 2 Days After Reclaiming Key Resistance Level
- Mary-Kate OlsenOriginal
- 2024-11-13 00:26:10462browse
RENDER was swiftly trending upward. The altcoin's momentum was sluggish before the key $5.22 level was broken and the market structure flipped bullishly.
RENDER's [RENDER] price action swiftly moved upward. The altcoin’s momentum was observed to be sluggish before the key $5.22 level was broken and the market structure flipped bullishly. This was achieved over the weekend, and RENDER has rallied a remarkable 38% in just over two days.
The next higher timeframe resistances were 29% and 56% above current market prices. The token will likely march to these highs and potentially beyond, but a Bitcoin [BTC] pullback could hurt the short-term sentiment.
RENDER's price action has posted strong gains in the past four days after closing a daily trading session above $5.22. Since then, it has rallied 38.5% and is up by 78.17% from Monday, the 4th of November’s lows.
The Awesome Oscillator formed a bullish crossover a few days after the market structure turned bullish. The A/D indicator also began to climb higher to reflect increased buying pressure.
While the token had struggled to breach the $6.6-$6.85 resistance region, the A-D has steadily moved sideways. The lack of accumulation showed that buyer conviction was likely not strong in the past few months.
Now that RENDER is on the verge of breaking past the $7.13 level, buyers might be attracted due to its strong performance. To the north, the $9.36 and $11.3 are significant resistance levels.
The past week’s strong gains were accompanied by explosive growth in the Open Interest and the spot CVD. The Open Interest climbed from $43.8 million to $86.4 million in three days.
The spot CVD had been in decline in early November, stabilized, and was spurred higher as sentiment across the market turned greedy. More gains were likely in the coming weeks.
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