Despite the notably increased price volatility across the cryptocurrency industry, the Artificial Intelligence (AI) category is showing impressively strong bullish price performance, thereby contributing significantly to the appreciation of its portfolios.
Furthermore, the Render (RNDR) token has seen an increase of around 4% within the past day alone and a notable increase of 38% over the last week. The token’s year-to-date (YTD) return currently stands at an impressive 119.28%, which clearly indicates continued positive development for the cryptocurrency in the coming period.
Render token on the verge of a breakthrough
After the Render token showed a neutral trend in the first month of 2024, the attention on AI tokens pulled it higher again. On March 17, the token reached a new all-time high (ATH) of 13,840 USD with a jump of around 285%. After that, the bulls faded and the token saw a correction of 48.69% of its portfolio. Additionally, RNDR price has formed a symmetrical triangle on the one-day timeline and is about to test a breakout; however, its outcome remains uncertain.
The Relative Strength Index ( RSI ) shows a significant increase on the chart, indicating increased buying interest in the crypto space. The averages also indicate a bullish increase , suggesting that the price will continue to rise in the near future.
These developments highlight a potential game changer for the RNDR token that investors should watch closely. The strength of the current market signal and the upcoming tests of the breakout from the symmetrical triangle could be decisive factors for the further course of the price. Investors are advised to carefully analyze upcoming developments and pay attention to new signals that may arise from market conditions.
Future of the RNDR Prize: possible increase?
If the market breaks the resistance line, RNDR price will trade under a bullish influence and test the resistance level of 11,325 USD. Sustaining the price at this level paves the way for the RNDR token to attempt to reach the upper resistance at 13,840 USD later this month.
In contrast, a bearish trend reversal will see Render price lose momentum and test the 8,985 USD support level. If the bears continue to dominate the market, the price could fall sharply and reach the critical support level of 7,100 USD.
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