Despite ups and downs in the crypto market, Artificial Intelligence (AI) coins are showing strong upward trends, boosting investors’ portfolios.
In particular, the Render (RNDR) token has seen a 3% increase in the last day and a significant 33.72% surge over the past week. Its Year-to-Date (YTD) return is an impressive 119.28%, signaling optimism for its future performance.
Analyzing Render Token’s Price Trends and Potential Breakout
The hype surrounding AI tokens has propelled the price of Render (RNDR) after a relatively neutral start to 2024. The token surged approximately 285%, hitting a new all-time high (ATH) of $13.840 on March 17th.
TradingView: RNDR/USDT
However, the bullish momentum waned, leading to a correction of 48.69% in RNDR’s portfolio. Currently, the RNDR price is forming a symmetric triangle pattern in the 1-day (1D) timeframe, indicating a potential breakout whose outcome remains uncertain.
The Relative Strength Index (RSI) reflects a notable uptick, signaling increased buying sentiment in the crypto market. Additionally, the moving averages demonstrate a bullish trend, suggesting that the price may continue to appreciate in the near future.
Analyzing RNDR’s Potential Price Movements
If the market successfully breaks out of the resistance trendline, bullish momentum will likely persist, with bulls aiming to test the $11.325 resistance level. Sustaining the price at this level could pave the way for RNDR to challenge its upper resistance at $13.840 by the end of the month.
Conversely, in the event of a bearish trend reversal, RNDR’s price may lose momentum and test its support level at $8.985. Further bearish pressure could lead to a drop towards the critical support level of $7.100.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
Join Cryptos Headlines Community
Follow Cryptos Headlines on Google News
