With a significant rise in the price volatility within the crypto market, the Artificial Intelligence (AI) tokens continue displaying significant price fluctuations in their respective portfolio since the month started.
Despite recording a correction of approximately 4% within the past day, the Render (RNDR) price has recorded a jump of 7.36% within the past 30 days with a Year-to-Date (YTD) return of 133.34% in valuation.
RNDR Price Faces Repeated Rejection At Its Important Resistance Level:
After concluding the month of April on a bearish note, the Artificial Intelligence (AI) category regained momentum, resulting in the Render price recording a jump of 64.43% within the first 10 days. Following this, the altcoin faced rejection at the resistance level of $11.560.
After this, the RNDR price displayed a neutral trend by trading in a closed range between $10.510 and $11.560, indicating a cool-off in the price action for the altcoin. As the volatility grew, the bulls lost momentum, resulting in the Render token losing approximately 14% in value.
Since then, the price has been displaying a sideways trend, highlighting weak buying and selling pressure for the AI token in the crypto space.
Render Token’s Market Sentiments:
The Cross EMA 50/200-day shows a bearish trend in the 4H time frame, suggesting a strong bear power in the crypto market.
The Moving Average Convergence Divergence (MACD) displays a constant decline in the red histogram, indicating an increase in the buying pressure within the crypto space. However, the averages show a negative price sentiment, highlighting uncertainty in future price action.
How High Will RNDR Price Go?
If the market regains momentum, the Render price will test its resistance level of $10.510 this week. Furthermore, if the bulls continue to dominate the market, it will further rise and prepare to test its upper resistance level of $11.560 in the coming time.
Negatively, if the bears overpowered the bulls, the RNDR price would plunge toward its important support level of $9.460 this month.
