Render Token Increases by 34% This Week! Will RNDR Price Reach a New All-Time High in May?
The post Render Token Increases 34% This Week! Will the RNDR price reach a new high in May? appeared published in Coinpedia Fintech News.
Despite heightened price volatility in the cryptocurrency sector, the Artificial Intelligence (AI) category continues to exhibit strong positive price action, adding considerable value to their respective portfolios.
Furthermore, the Render (RNDR) token has increased by nearly 3% in the last day and 33.72% during the last seven days. Furthermore, the year-to-date (YTD) return is 119.28%, showing a bullish forecast for the altcoin in the near future.
RNDR Token is on the verge of a major breakout:
As the enthusiasm surrounding AI tokens grew, the Render price recovered pace after showing a neutral trend in the first month of 2024. The RNDR token increased by nearly 285%, resulting in a new all-time high (ATH) of $13.840 on March 17th.
Trading view: RNDR/USDT
Following this, the bulls lost momentum and experienced a 48.69% fall in their portfolio. Furthermore, the RNDR price has formed a symmetric triangle in the 1-day time frame and is on the verge of testing for a breakout, the fate of which is unknown.
The Relative Strength Index (RSI) shows a strong climb on the chart, indicating increased buying sentiment in the cryptocurrency industry. Furthermore, the averages reflect a positive trend, implying that the price will continue to rise in the future.
Will Render Prices Rise?
If the market breaks out of the resistance trendline, bulls will continue to trade bullishly, testing the resistance level of $11.325. Maintaining the price at that level will pave the way for the RNDR token to try its upper resistance level of $13.840 this month.
If a bearish trend reversal happens, the Render price will lose momentum and challenge its support level $8.985. Furthermore, if the bears continue to dominate the market, it will plunge and fall to test its crucial support level of $7.100.
Conclusion
In conclusion, the tokens discussed exhibit significant potential within the volatile landscape of cryptocurrency, driven by bullish sentiments and notable market activity. However, it’s crucial to acknowledge the inherent risks associated with investing in digital assets, characterized by their high volatility and market fluctuations. This analysis does not constitute investment advice but rather offers a projection of market trends based on current data. Investors are advised to conduct thorough research and consider their risk tolerance before engaging in cryptocurrency trading.
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