After trading under a bullish sentiment for a brief period, the cryptocurrency market has recorded a correction of over 1% over the past 24 hours, indicating a cool-off in the price action. Moreover, the BTC price continues hovering close to its $65K mark.
On the other hand, the Artificial Intelligence (AI) category has recorded a significant correction in their respective portfolios with top tokens losing over 5% each within the past 24 hours.
However, with the increased price volatility, the RNDR price displays a high possibility of a bullish reversal. Are you planning on investing in this crypto token? Dive in as, this article, is just for you!
RNDR Price Displays Increased Bullish Sentiments:
The Render coin price has repeatedly failed to break out of its resistance trendline of the triangle pattern, indicating a strong bearish sentiment in the cryptocurrency market. Further, this AI token has lost 6.17% in valuation within the past day with a trading volume of $179.406 Million.
Moreover, with a trading price of $6.388, and a Year-to-Date (YTD) return of +36.44%, the Render crypto has secured the 37th position in the global crypto-list with a market capitalization of $2.515 Billion.
The technical indicator RSI has failed to surpass the mid-point, resulting in its recording a downtrend. Further, it hints at a potential bearish convergence with its average trendline, suggesting increased bearish sentiment.
On the other hand, the MACD indicator displays a decline in the green histogram, highlighting an increase in the selling pressure. However, the averages record a neutral trend, suggesting uncertainty in future price action.
Will RNDR Price Hit $10 This July?
If the bulls break out of the resistance trendline, the Render price will test its upper level of $7.325 this week. Furthermore, if the bulls continue to dominate the market, it will prepare to test its high of $9.450 during the upcoming weeks.
Conversely, if the bears regain control over the bulls, the RNDR coin price will retest its crucial support level of $5.30 this month.
