Amidst the weak crypto market sentiments, RNDR token attracted the attention of investors as its price gained momentum following the conclusion of the BME model implementation on Solana blockchain.
However, the fall in the price of bitcoin put RNDR in a correction phase. Despite this fact, the 62nd largest cryptocurrency has finally turned bullish since this week. Buyers have been steadily accumulating RNDR tokens, as a result of which the cryptocurrency has climbed nearly 21% this week.
Render Network today announced the final findings of RNP-002 and RNP-003. According to the announcement, Render Foundation has approved the implementation of its new Burn-and-Mint Equilibrium (BME) model on the Solana blockchain by investing its resources of approximately 4.8 million RNDR for RNP-002.
Also read: Render Network Look out for Solana Migration
RNDR Token Price hits 2023 ATH, Will it Record fresh Highs ahead?
The RNDR token showed strength in March with a series of higher lows and formed an ascending triangle, which it broke out in mid-April, giving investors a 140% gain. This bull run was halted by resistance from its ATH at $2.2, following a retracement to $1.5. Right now, the price has again started to move up to $2, gaining over 16.3% in the past 24-hours.
Also Read: SOL, INJ, RNDR, CFX, STX Prices Surge with Bitcoin’s Bullish Momentum
The trading volume reflects the participation of buyers in RNDR token as it increased by 75% to $224.7 million in the last 24 hours. As a result, Render Token became the top gainer of the day. In terms of a bullish trend, the On Balance Volume (OBV) indicator is moving towards a yearly high, indicating a hidden bullish divergence for crypto.
All vital Exponential Moving Averages are trading below the currency price of RNDR Token. Furthermore, the daily RSI indicator has just shown a bullish crossover above the charts, which could lead to a fresh yearly high.
- Support levels – $1.6 and $1.24
- Resistance levels – $2.2 and $3.0
