The upward movement also confirmed a breakout from the $2.20 horizontal area, which has caused price reactions since March 2021.
RNDR Reaches New Yearly High
The RNDR price has increased rapidly since the start of September. In a span of 70 days, RNDR increased by 125%.
At the beginning of October, RNDR broke out from the $2.20 horizontal area. This is a crucial area that has intermittently acted as both resistance and support (red and green icons) since March 2021.
After validating it as support next week (green icon), the RNDR price accelerated its rate of increase this week. The high of $3.20 is the highest price in nearly 600 days.
Read More: 9 Best AI Crypto Trading Bots to Maximize Your Profits
The weekly RSI is increasing and is above 50, both positive signs. Additionally, the RSI has nearly crossed above 70, another sign that the rally is picking up steam.
Traders use the RSI as a momentum indicator to identify overbought or oversold conditions and to decide whether to accumulate or sell an asset.
Readings above 50 and an upward trend indicate that bulls still have an advantage, whereas readings below 50 suggest the opposite.
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Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.
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About the Author: Editorial team of BIPNs
