Price Analysis

Render (RNDR) Price Uncertainty Intensifies As Bears Gain Power!

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.

TradingView: RNDR/USDT

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.

SOURCE

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