The RNDR price has reached a new yearly high after reclaiming a crucial horizontal area, but technical analysis suggests a top may be near with a potential target of $3.30.
The Render Crypto Token (RNDR) price has reclaimed a critical horizontal area and reached a new yearly high.
Although while the wave count supports the continuing increase, it likewise implies that a top is nearby.
Render Crypto Token Price Reclaims Key Level and Reaches New Yearly High
The RNDR price has moved upward since the beginning of the year. The price broke out over the $2.10 horizontal resistance area at the end of April. Nonetheless, instead of validating it as support, the price dropped below it on May 8.
The decrease was preceded by a bearish divergence in the RSI (green line). A bearish divergence occurs when a momentum increase does not accompany a price increase and often leads to bearish tendency reversals.