RNDR Coin Analysis: Bulls Surged 60% in 5 Days, What’s Ahead?

• 1 RNDR Coin Price: The Coin has risen more than 60% in 5 days, know the reason below
• 2 The coin has passed its 19-month high after this surge.
• 3 The current price is trading near a resistance level, while the RSI is giving a strong positive indication.

Binance Japan has recently expanded its platform by adding 13 new cryptocurrencies, bringing the total number of tokens to 47. The announcement caused Render (RNDR/USDT), one of the 13 coins, to reach a 19-month high after a 60% increase in just 5 days. This surge was expected as the RNDR token had been mostly stagnant for the past two weeks.

Binance Japan and the Surge

The positive outlook of investors towards the Binance Japan listing is a crucial factor that is driving this demand. Moreover, Binance Japan’s expansion is notable, particularly as it marks the company’s return to the Japanese market after facing regulatory hurdles in 2021. This could be a positive sign for the bulls in the long term future

In August, Binance Japan launched, following the acquisition of Sakura Exchange BitCoin in November 2022 and was subsequently renamed. The addition of 13 tokens is not just an expansion but also a testament to Binance Japan’s commitment to providing its users with a robust and varied crypto-trading platform.

In addition to this, the addition of 13 tokens by Binance Japan is more than just an expansion. It is a way for the company to reaffirm their dedication to offering a strong and varied cryptocurrency trading platform. It is done for its users, especially after facing regulatory challenges in 2021.

Prediction of RNDR Coin Price

RNDR/USD chart by TradingView (Daily time frame)

At press time, the RNDR coin price is trading at the level of $3.535. The bulls are showing strength as they have managed to break the resistance level of $2.693, which has now become its support. However, the immediate resistance level is at $3.69 while the 2nd resistance level is at $4.45.

The Relative Strength Index (RSI) is now at the level of 80 which means that it has crossed its overbought zone. This means that the bulls are experiencing some selling pressure. Moreover the 50 day EMA has made a bullish crossover with the 150-day EMA during the end of October. Currently, the 50-day EMA is at $2.28 while the 150-day EMA is at $1.947. The RNDR coin price prediction will be bullish until some major rejection pulls the bulls back down.

Conclusion

Render (RNDR/USDT) has risen more than 60% in 5 days. In August, Binance Japan launched, following the acquisition of Sakura Exchange BitCoin in November 2022 The current price of RNDR is trading near its resistance level.

Technical Levels

• Support Levels: $2.69 and $2.13
• Resistance Levels: $3.69 and $3.54

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks or related indexes comes with a risk of financial loss.

Source